CBA has announced that effective November 20th, they will increase their standard variable home loan rate by 0.15% This comes at a time when the RBA has left the official cash rate on hold. CBA is the second major bank to give their mortgage customers a rate rise. Last week Westpac announced that their variable rate is increasing by 0.20%
If you have a variable rate home loan, then now is a good time to shop around for a better deal!
Read MoreWestpac has announced that they will increase interest rates on all variable mortgages by 0.20%. The changes come into effect on November 20th. At this time, it is not known if other banks will follow suit. It seems to be a good time to start considering fixing a portion of our home loans
Read MoreOver the past 8 years, since the GFC, the banks have passed on 65% of rate cuts to home loans and kept 35% of the difference for themselves. Whether the retained amount was due to profiteering or covering costs, we can not say.
We have streetonomic look at the net interest margin made on mortgages in Australia
Read MoreGeneral Advice Warning: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions.