ASIC questions legality of bank rate hikes – The Adviser

 

 Property Investors feel the pain.

If you are a Property Investor you would have seen your Investment Loan Rates rise rapidly during the last few months.
Asic has been instructing Banks and other Lenders to slow down the Investment Lending and particularly Interest Only Loans.

But it’s been a bit hard to understand the reason why the Banks have raised the rates of their existing custmers?

now the Government is is also asking this question and the justification.

Se article below

 

The corporate watchdog told a parliamentary hearing this week that the big banks could be in breach of the ASIC Act over the reasons given for hiking interest rates. Chairing the committee was David Coleman MP, who kicked off the questioning by raising the issue of recent rate hikes by the banks. He noted that some banks, in their public justifications for the out-of-cycle rate hikes, have named the regulatory impact but did not name any other factors.

Image courtesy of theadviser.com.au

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