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CBA warns brokers on low-doc rate hike

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Australian Broker | 30 Oct 2012, 04:30 AM Agree 0
The Commonwealth Bank has suggested brokers contact their low-doc customers ahead of a 0.25% increase in the bank's interest rate for some low-doc loans
  • Brisbane Broker | 30 Oct 2012, 10:19 AM Agree 0
    What? Cost of funding.
  • Rach | 30 Oct 2012, 10:26 AM Agree 0
    Contacted my entire database yesterday via email - don't have all that many directly effected, but you never know who knows who...Good opportunity to review and look at refinance options where customers can now go full doc !
  • Coast Broker | 30 Oct 2012, 12:43 PM Agree 0
    Typical arrogance of CBA. Should be some actual media coverage on this. Luckily only have 4 clients affected by this. I will make sure that I will refinance these clients away from CBA if I can. Why leave them their converting them to Full doc when a new application has to be completed with new application fees.
  • Damien | 30 Oct 2012, 01:21 PM Agree 0
    Vety poor form by CBA
  • Older and wiser | 30 Oct 2012, 10:15 PM Agree 0
    Well said coast broker cba have got something up there sleeves all the time that why they are making billion dollar profits,even though profit isn't a dirty word there is plenty of room for cba to pass on full rate cuts same goes for the other big banks.
  • Warning | 31 Oct 2012, 01:51 PM Agree 0
    This was in the Australian today by Anthony Klan about CBA and low docs:
    ".....In other cases, particularly in the lead-up to the financial crisis, mortgage brokers and others in the lending chain abused the product by falsley inflating borrower's stated incomes to get loans approved and so earn themselves hefty commissions........"
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