CBA raises variable rates by 0.45%

Nooo........nooo....

Let them take their time....I am rushing to have two of my loans fixed at 6.69% for two years! One of them is away from the CBA....I plan to move all my loans away from CBA.

CBA = a bunch of Bankers!!! ;)

The longer the banks take the more time the institution I have to raise their rates.

They won't backdate it and can't.

I suspect the rest of them are letting the CBA cop a bashing and an announcment will be made (looks at clock) today. If it was going tp be just the standard RBA increase they normally announce the movement the following day so I suspect there will be some fat on top.

The quicker ALL lenders make an announcement and make the rates effective the better in my opinion. At present comparisons to the CBA's rate from other lenders is very misleading as they are using pre RBA icrease rates.
 
Watching the banks' tactics over the years I have come to realise how much it is like watching a road race.

A few cyclists form a breakaway group, and while they are always competing against each other, they take turns doing the hard yards. The difference is that in banking there is no finish line so they take their turns being the bad guy forever, knowing that we know there is no point changing banks. But they sure fool the regulators. :D
 
Correct....but the little know secret in the industry is that banks also act as fund lenders to other institutions.

These institutions can run their businesses on smaller margins via lending this money out. This is what I am using....a mortgage manager as they call it in the industry.

Watching the banks' tactics over the years I have come to realise how much it is like watching a road race.

A few cyclists form a breakaway group, and while they are always competing against each other, they take turns doing the hard yards. The difference is that in banking there is no finish line so they take their turns being the bad guy forever, knowing that we know there is no point changing banks. But they sure fool the regulators. :D
 
The CBA increase is just one the the RBA won't have to do in the future.

shame, the treasury needs all the funds it can get through selling bonds, so i do wonder if the RBA have just got the blinkers on....again... and focussing on one aspect of the economy....again.
 
I'm not angry at them, they have to do what they think is right
You forgot to add onto the end of that sentence; "for them".

I'M frickin' angry at them, and will be looking to vote with my feet asap.

There is no need for them to go above the RBA.
 
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I think it is a good move by the CBA. Property owners in heavy debt are not the only citizens in Australia. Higher interest rates will discourage a continuation of much of the silliness we've already seen.
 
You forgot to add onto the end of that sentence; "for them".

I frickin' angry at them, and will be looking to vote with my feet asap.

There is no need for them to go above the RBA.

"for them" And me.

Another deep thinker "it was the old bloke that lives in the clouds' idea with his white flowing robe 45 basis points he said" he trying make you a believer.
 
One of them is away from the CBA....I plan to move all my loans away from CBA.
I hope everyone will do the same and cba loses all future loan customers, they are an absolutely pain in the a... to get a loan from !!!!!
 
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CBA gave us a stupidly low valuation the other week, so low (lower than the lowest sale in this area for some time) we had to tip in a stack of extra money just to keep our LVR (would have been fine if we were at 80% or someone told the moronic valuer that we were a 60% so to do debt + 40% not 20%) so our debt levels are insanely low at the moment. I'm waiting for a cheque to clear, then I'm not bothering to pay the mortgages at all for a while.

CBA are broke apparently, they've sacked their settlement dept in SA which is why our settlement took so long, and the valuation was outsourced too. So they neeeeeded to put up those rates :rolleyes:

*goes back to watching this cheque and willing it to clear*
 
Cba

Hiya

Called CBA this morning for an estimate of my exit costs this morning for an IP loan of mine (planning to refinance out!)

Was told by the person on the other line the loans dept is not able to handle the deluge of calls and i'll have to try again (and again)....guess i am not the only enraged person planning to vote with my feet!

Had a coffee and a quiet chuckle...:p

Cheers
 
cause when Westpac upped theirs by .45 there was a thread on here about 1% discounts offerred temporarily to clients who tried to refinance.

Anyone got a wiff of that from CBA yet?
 
Funny....pity the monkeys who run it in their arrogance would have assumed that Consumers would not react the way they have.

The good thing is others like ING and the NAB are capitalising on it.

The funny thing is that the best customers with the lowest risk - i.e. people who have been with CBA the longest and LVRs less than 80% will be the first to walk as they don't have to pay LMI again.

So those bright sparks at CBA should might be left with poorer quality loan portfolio in the end. And if repossessions rise...they might be holding the can as the people who sell up have no equirt once legals and fees are takne out whilst the customers with high equity abandon them in droves.;)

Perhaps we should ship a box full of bananas to the CBA head office at Darling Harbour addressed to Ralph Norris!

I am moving what loans I can....the lender I am dealing with only wants people with less than 80% LVR....so they are building a solid loan portfolio at the expense of CBA.;)

Hiya

Called CBA this morning for an estimate of my exit costs this morning for an IP loan of mine (planning to refinance out!)

Was told by the person on the other line the loans dept is not able to handle the deluge of calls and i'll have to try again (and again)....guess i am not the only enraged person planning to vote with my feet!

Had a coffee and a quiet chuckle...:p

Cheers
 
Speaking to my BDM again today at CBA, they're just waiting for the other banks/lenders to finalise their rates so no negotiations until this happens. Not a day that goes past that I'm getting a call from someone who is just unhappy with them and wants to go.

CBA Seminar I went to yesterday is they might not wind up being the cheapest in the market but their customer service will be better than the rest.

I think that was the bank vision a few years back... to excel in customer service. Its something similar even now.

But really, IF CBA is really out of the ballpark then its using rate as one of its many levers to either bring clients in or get them out. No different from any bank.
 
If they think this strategy is going to work...they are seriously deluded!

A very high risk strategy....the smartest players in the market care alot about IR...besides....the CBA service is arrogant and incompetent at best.

An example with my recollection of a call with a CBA rep:

CommInsure: Hello Sash...as long standing customer of CBA I would like to let you know about our Landlords insurance product.

Sash: Oh yes...please tell....last time I called you product was double what my current provider prices their insurance.

CommInsure: But is does your insurer have all the features of our product?

Sash: Yes....I did a line by line comparison. So are you prepared to match and reduce the price?

CommInsure: We don't feel we need to do that as we feel our product offers more functionality.

Sash: I said your product is not superior (thinking to myself there must be an echo on the phone) so what you are saying is misrepresenting the facts.

CommInsure: Well you are entitled to your opinion.

Sash: You are wasting my time...goodbye....(click...hung up the phone).

Have had them call me twice on other products..i.e. Income Protection, Accident Insurance.....my response is to hang up now!:p

For those on the forum if you want a better deal...call up people like Honan Insurance....they offer some pretty good deals. I have found on my Adelaide Insurnace policies they costed about $400 last year ( have since found they are about $570) but will bet you that they are much cheaper than CommInsure and their irritating and arrogant sales people.

CBA Seminar I went to yesterday is they might not wind up being the cheapest in the market but their customer service will be better than the rest.

I think that was the bank vision a few years back... to excel in customer service. Its something similar even now.

But really, IF CBA is really out of the ballpark then its using rate as one of its many levers to either bring clients in or get them out. No different from any bank.
 
I can't believe people are making the move away from the CBA yet. The other banks haven't said anything yet on their IR movements.

And on that, I cannot understand why they haven't announced yet. Just increase the interest rates and face the music....like the CBA.
 
Oh Buzz

Trust me they are moving already.

I cant keep up with the number of enquiries, calls i am taking from people who have just had an overall gut full of the CBA and their games and service levels.

Yes interest rates are important but there are Sooooo many other factors.
 
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