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Speaker 1: First of the big banks has broken the trend, and

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Speaker 1: well the downward trend anyway, now lifted its mortgage rates,

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Speaker 1: and by quite a decent amount. Westpac has announced a

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Speaker 1: thirty basis point increase to its fixed year fixed rates

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Speaker 1: of two to five years. Sue Tierney is a mortgage

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Speaker 1: broker with Sue turning mortgages and is with us Morning.

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Speaker 2: Sue, Good morning, Heather.

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Speaker 1: Do you expect the others to do the same?

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Speaker 3: I absolutely Westpac has been leading the way with their

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Speaker 3: five year rate anyway, so I don't imagine that they

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Speaker 3: will change their five year rates because the other banks

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Speaker 3: have been higher, but I certainly expect it for the two,

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Speaker 3: three and four year rates.

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Speaker 1: Does that mean, Sue, then, for anybody you know, at

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Speaker 1: least with Westpac now and anybody else who hasn't yet

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Speaker 1: managed to come off their rate and fix at the

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Speaker 1: low rates, they've kind of missed that party.

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Speaker 3: Not necessarily because it is possible to break the rate,

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Speaker 3: of course, and as we saw earlier in the year,

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Speaker 3: Westpac was offering a five four point nine to nine

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Speaker 3: rates for five years for a short while. The other

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Speaker 3: banks didn't come to the party, so they dropped it.

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Speaker 3: But then again in October they.

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Speaker 2: Brought it back. So in the more good rate world,

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Speaker 2: anything can happen.

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Speaker 1: Now, is there a chance? I mean, it's been pointed

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Speaker 1: out by Andrew Calla who was on earlier, that the

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Speaker 1: Reserve Bank is itself not going to talk about the

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Speaker 1: stuff until February, so we might be stuck with this

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Speaker 1: happening with the wholesale rates for another couple of months.

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Speaker 1: Is it possible that the Reserve Bank governor the new one,

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Speaker 1: if she talks this morning, may be able to undo

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Speaker 1: what's going on in the wholesale market.

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Speaker 3: I believe that's certainly possible because a lot of it

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Speaker 3: is generated by perception and what is expected, so that

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Speaker 3: is quite possible. I think the key to remember here, though,

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Speaker 3: is that people do have the opportunity to negotiate rates.

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Speaker 3: So the bank has an advertised rate, but that doesn't

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Speaker 3: necessarily mean that you need to accept it. And from

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Speaker 3: my experience, this is really only going to be huging

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Speaker 3: the people over eighty percent where it's less negotiable. So

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Speaker 3: anybody was funding that is less than eighty percent of

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Speaker 3: the house value, I wouldn't be panicking so much because

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Speaker 3: you've certainly got opportunities to negotiate.

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Speaker 1: How much are they prepared to move.

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Speaker 3: As in the negotiated rate sometimes aero point three percent

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Speaker 3: of what they're offering right now online or advertised rates.

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Speaker 3: So if you're seeing five point two nine, it's quite

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Speaker 3: feasible to still get a four.

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Speaker 2: Point nine to nine rates. If so, if you've got

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Speaker 2: less and eighty things, what.

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Speaker 1: I'm taking from you is suit don't panic.

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Speaker 3: Absolutely, it's disappointing just at Christmas time.

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Speaker 2: It really is that. Don't panic.

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Speaker 3: And certainly if your loane doesn't mature till later next.

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Speaker 2: Year, I would be doing nothing. I wouldn't be worrying.

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Speaker 1: Hey, that's FANTASTICOD bye, thank you very much. Sue suit

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Speaker 1: to you, any of mortgage broker with suit to you

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Speaker 1: any mortgages. For more from the Mic Asking Breakfast, listen

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Speaker 1: live to news talks that'd be from six am weekdays,

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