Warwick Credit Union (WCU) CEO Lewis von Stieglitz
Warwick Credit Union (WCU) CEO Lewis von Stieglitz

Home owners await banks' decision

MORTGAGE-HOLDERS are waiting with bated breath for news on whether they will reap the benefits from an interest rate cut this Christmas.

And it seems the big four banks are refusing to budge, offering no hint yesterday as to whether customers will see any extra cash.

The Bank of Queensland and Heritage Bank have responded to the Reserve Bank's decision to cut rates, announcing they will pass on the full 25 basis points reduction.

Warwick Credit Union (WCU) CEO Lewis von Stieglitz said while the WCU would not make its final decision until Monday, he was hopeful his customers would benefit from the cut.

"We have a committee that meets to talk about that but we are doing our sums and we will be passing on everything we can," Mr von Stieglitz said.

"We would be hoping to pass on that full cut to borrowers - we just have our decision making process that we need to go through first."

Despite the possibility of a few more dollars in the pocket before Christmas, Mr von Stieglitz said people were more likely to squirrel the extra cash away for a rainy day.


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