Bank Fees

The banks like to take every opportunity to increase their fees and charges.
Some banks will fix the rate at loan approval but CBA fix at settlement so they have taken the opportunity to increase their fee in this current market

"Commonwealth Bank
25 May 2009

Rate Lock fee to increase and period to fix prior to interest rate change is reduced

As of 1 June 2009, the Rate Lock fee will increase from $395 to $750 per Rate Lock.

The Bank is making this change as the cost of providing Rate Lock has increased significantly due to the increased market volatility around interest rates. We are increasing this fee to recover the extra costs the bank is incurring.

The Rate Lock option protects customers from the risk of interest movements during the application stage. Rate Lock protects customers from upward movements in the interest rate during the application period for up to 90 days and provides certainty to customers particularly during periods of volatile interest rates."

Cheers
Nikki

HLP Finance Update

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Nikki