In further moves to dampen investment lending, CBA has today announced that they are increasing rates on all variable investment loans by 27 points from the 10h August.
Did banks ever give you the impression they are on your side? They most certainly are not! If you’re under the impression that banks can’t do what they want to your loan contract at any time, then you may not have read the loan contract you signed closely enough! Inserted into the contract is a clause that allows them to change the rate, loan term, discounts, fees or charges at any time, without notice.
To read the full announcement from CBA, click here: http://ecomms.cba.com.au/rv/ff0020d4d29d25e83d359f1deb4f875dfea7a830.
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