Mortgage costs to jump as interest rate rises loom, warns CBA
Australians could soon be paying more than $26 billion a year in extra mortgage repayments as interest rates begin to "normalise", but the Commonwealth Bank argues there are several reasons why most households will be able to cope just fine.
Key points: The RBA's interest rate decision will be announced at 2:30pm AEST, followed by a rare press conference from the governor No-one is expecting a rate rise, but there are likely to be announcements about the future of other measures that have kept mortgage rates very low CBA says households should be able to cope with a forecast rise in the cash rate from 0.1 to 1.25 per cent over the next two-and-a-bit yearsNAB to offer six-month deferred loans for businesses
NAB is introducing a business loan package, which will enable small businesses to access up to $1 million.
Gerard CockburnNAB will offer small businesses loans of up to $1 million with a six-month pause on repayments. Picture: NCA NewsWire/Bianca De MarchiSource:News Corp Australia
National Australia Bank will defer loan repayments by up to six months for businesses urgently needing to access funds to endure the economic storm sparked by the coronavirus pandemic.
The major bank will implement a new loan scheme, which will allow small businesses to access up to $1 million, with no repayments required for the first six months of accessing the debt facility. NAB’s new Business Support Loan follows a revision of the SME guarantee scheme, which is providing businesses with debt that is partly backed b…Westpac, St George: Banks hit by class action over car loan ‘flex commissions’
Alannah Fox was forced to pay a whopping $24,864 in interest for a 2015 Hyundai. Now, she and many other Aussies are fighting back.
Alexis Careycarey_alexis When Alannah Fox bought her first new car, she trusted she was getting a fair deal on her loan. Instead, the teachers’ aide, who was 25 at the time, was charged 12.99 per cent on a loan of just over $47,000 – which meant she had to pay a staggering $24,864 in interest for her 2015 Hyundai ix35. She claims she was only told of the interest rate after the deal was struck. “They didn’t tell me the interest rate until I went to pick up the car. We bargained hard on the initial price, but I believe they knew what they were doing and slugged me with the high interest rate to compensate,” Ms Fox said. Ms Fox is now one of the lead applicants in a new class action over shonky bank car loans, which leadi…