From the SMH:
The Commonwealth Bank is only passing on part of Tuesday’s cut in official rates to home loan customers, but has taken the unusual step of raising some deposit interest rates.
The country’s biggest bank on Tuesday said it would lower its standard variable mortgage rates by 0.20 percentage points to 5.45 per cent, compared with the Reserve Bank’s 0.25 percentage point cut in official rates.
At the same time, CBA said it would increase the rates paid on 8 month term deposits by 0.55 percentage points to 3.05 per cent.
Meanwhile, from Banking Day:
National Australia Bank has quit the self-managed superannuation fund loan market, telling brokers it will no longer offer the controversial loan.
Several sources have told Banking Day that NAB was getting out of the market, with one suggesting there may have been an issue of mis-selling through one adviser group.
The bank did respond to inquiries.
NAB’s move comes at a time when the Government is considering a Financial System Inquiry recommendation that self-managed superannuation fund trustees be banned from borrowing.
At the same time, the Australian Prudential Regulation Authority is cracking down on investor property loans and the Australian Securities and Investments Commission is moving against a revival of property spruiking.
…NAB is understood to have been a small player in the market. Among the big banks Westpac and Commonwealth Bank are more active, while ANZ does not offer SMSF loans.
As we all pay a little more for stability, little by little monetary firepower slips out the door.