The bank's annual survey of around 900 people who took out a mortgage over the past year showed that 41 per cent submitted loan applications that were not completely factually accurate — so-called "liar loans".
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 years
How mortgage hunters could be dudding themselves out of the best deal, all because of an unfounded fear.Rebecca Le May
Many mortgage hunters have an unfounded fear of non-bank lenders and could be dudding themselves out of the best deal.After the Reserve Bank of Australia slashed the cash rate to record lows earlier this month, it was the smaller, little-known outfits Athena, Reduce Home Loans, Homestar Finance, Homeloans.com.au and Pacific Mortgage Group that led the charge in passing on interest rate cuts to customers. RateCity research director Sally Tindall said non-bank lenders had helped drive prices down across the entire home loan market, particularly in recent months as record numbers of mortgage holders moved to refinance, especially when it came to fixed rates. “Right now, the lowest fixed rate loan on the market is just 1.…