Cba Bumps Up Rates
Sydney Morning Herald
Saturday April 5, 2008
THE BIG banks continue to drip-feed bad news to their borrowers, with the Commonwealth last night announcing it will increase mortgage rates by 0.12 percentage points.
The rise, which will add about $25 a month to the average $300,000 mortgage, takes the Commonwealth's new variable rate to 9.44 per cent, effective from Wednesday.Suncorp also lifted rates last night, by 0.05 percentage points, taking its variable home loan to 9.37 per cent, as banks continue to report higher funding costs in international markets.The group executive for retail banking services at the Commonwealth, Ross McEwan, said the bank took on $100 million in extra costs in the last four months of 2007. Even with the latest rise the bank was still absorbing a "significant portion" of additional costs due to the breakdown in funding markets triggered by the subprime mortgage crisis.After the major banks broke rank with the Reserve Bank this year and started increasing rates independently, the Commonwealth had offered the lowest variable rate among the big five banks.But its mortgages are now more expensive than the NAB's at 9.36 per cent and ANZ and Westpac's at 9.37 per cent. St George's rate is 9.47 per cent.
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