Powered by MOMENTUM MEDIA
subscribe to our newsletter

CBA confirms rate changes

The Commonwealth Bank has raised interest rates for a number of its lending products.

The major bank increased rates by 21 basis points across the majority of its business loans “in response to higher funding costs and increased regulatory requirements affecting all banks”.

“We made this decision to ensure we carefully balance the needs of our customers, shareholders and other stakeholders,” a CBA spokesperson told Mortgage Business.

The move by CBA comes after Westpac raised rates late last month for its commercial loans by 23 basis points and for its small business loans by 19 basis points.

ANZ also hiked rates for some of its business lending products in February, with increases ranging between 21 basis points and 27 basis points.

Advertisement
Advertisement

PROMOTED CONTENT


In January, NAB increased its 30-day rate for business loans by 29 basis points, its 60-day rate by 13 basis points and its 90-day rate by 8 basis points.

[Related: CBA records 28% rise in bad loans]

CBA confirms rate changes
mortgagebusiness

Latest News

US-based global asset manager Ares Management has made a non-binding conditional proposal to bid for 100 per cent of AMP Ltd shares. ...

The major bank’s FY20 cash profit has plummeted 42 per cent on the prior comparable period, driven by full-year credit impairment charges ...

A former property developer has been found guilty of fraud in relation to obtaining funds from SMSF investors following an ASIC investigatio...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Court cases and penalties

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.