CBA, Australia’s largest bank has reduced interest rates on its savings accounts by up to 0.25%. It is the last of the four big banks to cut savings rates following the cash rate cut of RBA.
For the CBA NetBank saver account, the new intro rate which covers the first 5 months is 2.05% from the old intro rate of 2.20% which cut the rate to 0.15%, and the rest will have an ongoing rate of 0.15%
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Commonwealth Bank of Australia, along with it’s subsidiary Bankwest, has slammed the brakes on property investment lending for new customers. With the increasing charges by up to 60 basis points and constricting terms and conditions for expatriate and overseas’ customers, it has become tougher for existing customers with investment loans.
The changes in the terms and conditions has failed to wholly explain to its customers or mortgage brokers, that act as intermediaries between the bank and clients, the reason for the move. But it is suspected the bank has exceeded or is close to the Australian Prudential Regulation Authority 10% lending speed limit, which is calculated on a monthly rolling basis.Continue reading