CBA lifts home loan rate by 30 basis points
Wednesday, February 6, 2008/
The Commonwealth Bank, the nation’s biggest mortgage lender, has announced its home loan rates will raise by 30 basis points, exceeding the 25 basis point rise in official cash rates announced yesterday.
Ross McEwan, CBA’s group executive retail banking services, said in a statement that he blamed continuing volatility in global markets and additional credit costs for the extra rise.
This is the second time this year the CBA has raised its rates independent of RBA rises. Last month all major lenders increased home loan rates in response to rising funding costs sparked by a global credit crisis.
The Treasurer Wayne Swan reprimanded the lenders at the time.
CBA has the highest share of retail deposits among Australia banks, making it less reliant on the wholesale funding market.
ANZ Bank, Australia’s third-biggest bank, has reportedly said its rates are under review.
Tiptoeing through the minefield: Can you pull off humour at work? Ian Whitworth Scene Change co-founder
Bridging the gap: Why regular customer surveys are key to good business Sonia Majkic 3 Phase Marketing co-founder
Six reasons every workplace should have a resident dog Michael Tiyce Tiyce & Lawyers principal
How we created an engaging online course with a 91% completion rate Emma Green Your CEO Mentor co-founder
Five things to consider before you launch a family business Monique Bolland Nuzest co-founder
Why Australian businesses are the new owned media moguls Jonathan Hopkins Marketing