CommBank Quickest In Raising Rates

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By Rudi Filapek-Vandyck

Three minutes. That’s how long it took Commonwealth Bank (CBA) to send out an email to customers and third party promoters of its lending products informing them in detail of higher rates that would apply following the Reserve Bank of Australia’s announcement on Wednesday to raise official interest rates by 25 basis points.

Trade magazine for the banking sector, The Sheet, probably rightly assumes this must have made CommBank the quickest to react in the country. The higher interest rates were in line with the RBA’s rise.

According to The Sheet few other financers and lenders in Australia rushed to inform their advisers, although it is expected most, if not all, will follow in CommBank’s footsteps shortly.

Members Equity Bank was another lender quick to notify higher lending rates for business finance, and so was AWB (AWB) for its harvest finance.

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