BOI Grad Loan and the ECB Rate Cut

I have a €27000 9.2% variable rate graduate loan with bank of ireland. How likely are the rate cuts today to affect my rate I'm getting?

Thanks in advance.

bigbadostric said:

I have a €27000 9.2% variable rate graduate loan with bank of ireland. How likely are the rate cuts today to affect my rate I'm getting?

Thanks in advance.

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usually with variable rates the bank can decide themselves what, if anything,
they want to pass on in ECB cuts/rises.

In today's economic world, they may not pass on any!

You will have to check their website for rate variable rate changes,
they may not come straight away.

I'd say they will cut it .25-.35% out of the .5%

JR

That's what I had expected really. How would the bank package such a decrease, I presume it would make sense for them to reduce the monthly payment rather than the amount of repayments. What would be the approximate real benefit for me from such a scenario?

9.2% is very high- is this the best rate you could get?

Unfortunately I need to be able to pay off lump sums withou penalty where possible, I looked at the tesco low rate but you can only pay off the entire sum early from what I can gather. Basically my job involves bonus pay and I intend on sticking this straight into the loan balance whenever it comes through.

Any better suggestions will be more than appreciated however!