Error
  • JUser: :_load: Unable to load user with ID: 46
Menu
RSS
Cuzz Media

Cuzz Media

Cuzz Media is part of t...

NAB VICTIM

NAB VICTIM

In late 2008 we became vi...

Banking In Australia Today

Banking In Australia Today

Visit Banking in Austra...

Donate Please

Donate Please

At the moment we need y...

Prev Next

CBA warns brokers on low-doc rate hike

Ben Abbott   Australian Broker online   30 October 2012

The Commonwealth Bank has informed its broker network to contact their low-doc customers ahead of a 0.25% increase in the bank's interest rate for some low-doc loans.

In an update for brokers issued late last week, the bank said that it would be writing to all its existing low-doc home, investment and line of credit customers with loans that were funded before 1 April this year to inform them of a 0.25% increase in their rate.

The bank will also be changing the reference rate name on their loan, from Standard Variable Reference (SVR)/Base Variable Rate (BVR)/Residential Equity Rate to the low-doc Standard Variable Reference/Low Doc Base Variable Rate/Low Doc Residential Equity Rate.

The bank's update suggested brokers contact customers that might be affected, in case they have the necessary documentation to convert to a full doc loan, with additional features and benefits.

CBA said there would be no change to existing low-doc fixed rate loans during their fixed rate period, but that they would roll to the new referrence rate on maturity, including the 0.25% premium.

Last modified onTuesday, 28 May 2013 06:11

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

back to top

News

Major Topics

Helpful Resources

Socialize

About Us