Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
It was probably 12 months ago that good fixed rates were around.
You know, you can look at bond yields, you know, early this year, they started, you know, the three-year bond yields and they started to really jump.
And then basically banks started lifting fixed rates.
In fairness, those fixed rates at the start of the year were still pretty good.
We were like, wow, that doesn't seem that good now.
Because we were like...
you know, desensitized to rates, fixed rates over 2% because they were under 2% for, you know, a good 12 months.
So yeah, even at the start of the year, the good fixed rates, but that ship has definitely sailed now.
There are some rules like, I guess what you call it, a hole sometimes where, you know, you can get a really good one-year fixed rate and that's been a good little bet.
So some of our clients who have still been fixing under one year because it's, but overall, yeah, fixed rates are probably too high.
The crazy thing with banks at the moment,
is that even though the RBO rate's gone up 3%, you know, bank variable rates haven't gone up 3%, you know, for new customers.
They've probably only gone up about 2.5%.
So what that means is that bank margins are getting squeezed now more than ever.
They're competing because they're not getting as much loan book growth because people are buying and trading.
They're having to fight for new customers through refinancing.
And what they're also doing, which is they've never done this before, is they're repricing existing customers almost as good as new customers.
So we're going literally through every single client right now and asking their current bank to give them a better deal.
Otherwise, we're leaving.
And usually the bank would say, hang on a sec, you've got your loan fixed.
Showing 101–120 of 1,659 · page 6 of 83
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