Commonwealth Bank Increases Variable Home Loan rate
Jun 12th 2009, 9:18 am
#1
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Commonwealth Bank Increases Variable Home Loan rate
This has to have people wondering.
The RBA hasn't changed the rate this month, but the Commonwealth Bank has just announced an increase in both Variable and Fixed Mortgage rates.
The RBA hasn't changed the rate this month, but the Commonwealth Bank has just announced an increase in both Variable and Fixed Mortgage rates.
Jun 12th 2009, 9:41 am
#2
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Joined: Mar 2007
Posts: 4,079
Re: Commonwealth Bank Increases Variable Home Loan rate
The word at the moment is they are drip feeding the mortgagee sales too keep the prices up. Wonder how long before the torrent is unleashed?
Jun 12th 2009, 9:59 am
#3
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Joined: Mar 2009
Posts: 1,289
Re: Commonwealth Bank Increases Variable Home Loan rate
They are doing it because they have/get most of the new mortgage business and can therefore do as they please.
Since the beginning of the year, CBA have got 60% of new mortgage business, Westpac 30%, and the other lenders 10%.
Jun 12th 2009, 12:19 pm
#4
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Joined: Sep 2008
Posts: 35
Re: Commonwealth Bank Increases Variable Home Loan rate
This rise just makes their interest rate equal to other banks. They had the lowest interest rates as they were one of a few banks that passed on some cut as a result of last interest rate cuts from RBA. Other banks held on to their rates.
Jun 12th 2009, 1:03 pm
#5
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Re: Commonwealth Bank Increases Variable Home Loan rate
Jun 12th 2009, 9:47 pm
#6
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Re: Commonwealth Bank Increases Variable Home Loan rate
I think its to be expected as there have been many economists saying that interest rates could rise towards the end of the year.
As the world starts to recover and demand for money increases the banks will look to make profits and recover their bad debts.
As the world starts to recover and demand for money increases the banks will look to make profits and recover their bad debts.
Jun 12th 2009, 11:34 pm
#7
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Posts: 383
Re: Commonwealth Bank Increases Variable Home Loan rate
Recovery is definately on its way at the end of the year,if not now.
Boom is returning to normal and then another boom.
Must not forget these last few years have been exceptional, not normal......
With house prices, if you dont need to move have a job, and in negative equity ride it out, sure most people didnt buy a home just to make a short sell profit.
Boom is returning to normal and then another boom.
Must not forget these last few years have been exceptional, not normal......
With house prices, if you dont need to move have a job, and in negative equity ride it out, sure most people didnt buy a home just to make a short sell profit.
