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Speaker 1: Ever duplicy Ellen right, I've reached the conclusion that when

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Speaker 1: it comes to the banks and mortgage rates, the only

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Speaker 1: option you've got leftist to hustle. You're on your own hair.

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Speaker 1: It has been two days since the Reserve Bank cut

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Speaker 1: the official cash rate, and by how much do you

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Speaker 1: think the big banks have cut their fixed rates?

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Speaker 2: Nah, not a jot, not.

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Speaker 1: A single basis point. Absolutely nothing has come off their

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Speaker 1: fixed rates. As not particularly helpful from the banks, because

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Speaker 1: you know, we're trying to get the country out of recession,

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Speaker 1: and the point of cutting the OCR is that the

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Speaker 1: mortgage rates come down, and then when you refix, you've

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Speaker 1: got more disposable cash, and the more cash you have,

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Speaker 1: the more you're gonna spend in the faster we're gonna

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Speaker 1: get out of this recession. So thumbs up, and thanks

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Speaker 1: very much to the big banks for not helping. Obviously

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Speaker 1: it's smart business from them. They need to make as

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Speaker 1: much money as they can. The prediction is they will

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Speaker 1: eventually cut the OC cut their mortgage rates, but it'll

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Speaker 1: be next year.

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Speaker 2: It won't be the side of Christmas, and no one's

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Speaker 2: going to be able to force them. Everybody has fired

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Speaker 2: all their bullets at the stage the Reserve Banks cut

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Speaker 2: as much out of the OCR as it can. The

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Speaker 2: critics of and their columns have given their interviews. Nothing's happened.

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Speaker 1: The government's accepted all the recommendations of the Selectmmittee inquiry,

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Speaker 1: and I think we all know that that's a damp

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Speaker 1: square and to be honest when it comes to the government,

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Speaker 1: for them to do anything meaningful to the banks, it

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Speaker 1: would have to be something as massive as breaking up

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Speaker 1: A and Z and ASB, and the horror that that

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Speaker 1: would send through the investment community would potentially be worse

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Speaker 1: than us paying too much in mortgage interest rates at

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Speaker 1: the moment. So the only conclusion you're going to reach

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Speaker 1: is that you're on your own. No one is coming

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Speaker 1: to save you from the banks. No one's going to

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Speaker 1: force them to pass on the OCR cuts if they

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Speaker 1: don't want to. You're going to have to hustle. So

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Speaker 1: when you refix demand a better rate, look at what

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Speaker 1: the advertised rate is and then tell them to shave

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Speaker 1: fifty basis points often and if they don't cross the

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Speaker 1: road to another bank that will that is competition.

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Speaker 2: You're on your own. For more from Heather Duplicy Allen Drive.

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Speaker 2: Listen live to News Talk said B from four pm weekdays,

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Speaker 2: or follow the podcast on iHeartRadio