Home Loans & Mortgages

National Australia Bank will continue slugging customers for using “non-NAB” cash machines, in defiance of the Reserve Bank. The RBA said financial institutions would have “no case” for levying such fees once new rules on ATM charges take effect on March 3. Under the new rules, it will cost banks about the same for their [...]

The Commonwealth Bank of Australia [CBA] has just dropped the home loan rate on its recently introduced ”no fee” home loan offer to 7.11% in response to other major players offering deep discounts in order to attract home buyers and mortgage refinance customers in a slow mortgage market.

The Green bank fees and interest rate agenda
The Greens have bills before parliament to:
Regulate interest rate rises by ensuring banks charge no more than a fixed amount above a base rate,
Force banks to offer basic, free transaction accounts to all customers,
ban Bank ATM withdrawal fees and to cap mortgage exit fees.

In any event the ANZ and National Australia Bank [NAB] have already scrapped mortgage exit fees, while Westpac Banking Group chief executive Gail Kelly told a Senate committee into banking competition in January that a ban was “not an overly big deal”. But was she telling the truth?
Because on theWeeend she was , saying that that’s a poor policy response by the Government.

Three of Australia’s “big four” banks have announced changes to home loan mortgage lending, credit card, business loans and deposit rates after Wednesday’s increase in official rates. ANZ is the latest to move, putting up its standard variable home loan interest rate to 8.32 per cent. The bank says it recognises the increase in official rates [...]