Following on from the Westpac .20% rate rise, CBA just announced an increase in its variable home loan rates by .15%, citing the rise will partially offset costs associated with recent changes to capital requirements. Fixed rates and business rates remain unchanged.
This is what they said;
“The Commonwealth Bank is supportive of an Australian financial system that is strong, stable and competitive. We recently raised $5.1 billion to strengthen our capital position in line with new regulatory requirements implemented in response to the Financial System Inquiry. We have now reviewed our home loan pricing in light of these changes,” Matt Comyn, Group Executive for Retail Banking Services.
“As Australia’s largest home lender, we are committed to delivering competitive products and services to our customers, while maintaining an unquestionably strong capital position.
“Any decision to change interest rates is carefully considered. The cost of the new capital required to make the Australian banking system more secure needs to balance the interests of our customers, as well as the nearly 800,000 households who are direct shareholders and the millions more who are invested through their superannuation funds.”
For owner occupiers, the standard variable home loan rate will increase to 5.60% per annum.
For investment home loan standard variable rate customers, interest rates will rise to 5.87% per annum.
The new rates will be effective from 20 November 2015.
If you’re thinking of buying or refinancing existing loans we can help you negotiate the best possible deal for your situation from our extensive panel – including non-bank lenders not impacted by APRA’s lending requirements. Here’s a look at some of the best rates.
If you’ve got existing home and investment loans and you’ve been with your lender for a few years, chances are you’re not on the best deal.
Rather than look after their existing clients most banks offer new clients better rates and/or incentives – it’s another reason why you should always re-assess your loans every few years. Here’s what to do;
We encourage you to contact us to see how we can help you get a better deal!
Sam & Matt
Adelaide Mortgage Broker +plus more…