The Commonwealth Bank has today announced an increae of 0.15 basis points to their variable rate loans (or 0.15% increase to your current CBA variable home loan). The rate change takes place the 20/11 & like Westpac before them the increase has been attributed to recent changes to capital requirements. CBA has remained under the 20 basis points which Westpac announced last week. We now wait for ANZ & NAB to make their decisions to see if the 2 remaining "big 4" or 1st tier lenders follow.
Smaller, or 2nd tier lenders, have made no announcements yet so we wait to see if they will remain competitive on interest rate & perhaps adjust their lender policy which has been happening over the last weeks.
Prospective borrowers only hear the news about interest rate increases but this is where your Mortgage Choice broker is your best home loan adviser as we are up to date on lender policy changes to place you where your loan application has the best possible chance to be approved given your individual circumstances - sometimes it isn't about the rate.
There is no better time than to contact me - make a call to 0421 240 129 or 9775 2430 to take action.