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No denial of rate rise at CBA

by Staff Reporter8 minute read
The Adviser

Home loan rates could soon be on the rise with CBA refusing to rule out the prospect of a hike to thier rates.

According to the Herald Sun, banking analysts have suggested the lender may increase its standard variable rate (SVR) by as much as 10 basis points as a result of rising funding costs.

A spokesman for the bank, Bryan Fitzgerald, confirmed that funding costs were rising.

"Our rates are always under review and our long-term cost of funding our home loans is continuing to increase," he said.

"There is also competitive pressure coming from the term deposit market which is adding to our costs," he told the paper.

CBA currently has the lowest SVR of the major banks at 5.64 per cent while NAB offers a SVR of 5.74 per cent, St George 5.79 per cent, while Westpac and ANZ’s sit at 5.81 per cent.


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