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Margin Loans Comsec Raises Rates

Discussion in 'Finance & Banking' started by crc_error, 11th Dec, 2007.

  1. crc_error

    crc_error The Rule of 72

    Joined:
    1st May, 2007
    Posts:
    1,367
    Location:
    Melbourne, VIC
    Comsec has raised its variable rate again! they charge 9.65% now up from 9.5% last week.

    And I had the opportunity to lock in rates for 5 years at 9.25 when the RBA raised rates.. :(
     
  2. Bantam Roosta

    Bantam Roosta Well-Known Member

    Joined:
    7th Feb, 2007
    Posts:
    115
    Location:
    Canberra, ACT
    Thanks for letting me know. :mad:

    I pay so little attention that I wouldn't have noticed for ages. Thanks again. :)

    BR
     
  3. tony

    tony Well-Known Member

    Joined:
    20th Jul, 2007
    Posts:
    46
    Location:
    sydney
    Hi

    Thanks for the notification - 9.5% - that does it for me.

    I had thought about getting $100k into the Lincoln retail.

    But at 9.5% borrowing costs, plus management fees to Lincoln, and with CGT on the gains, well I don't think the marginal return is worth taking the effort/ risk/.

    Pity about that.

    Tony
     
  4. crc_error

    crc_error The Rule of 72

    Joined:
    1st May, 2007
    Posts:
    1,367
    Location:
    Melbourne, VIC
    Funny how you don't seem to get any notification from them! Even though they have my email address for contract notes etc, they don't inform their clients of these raises.

    I thought that the law requires them to send out a notification? I never got one for the previous raise either.

    stinks really.
     
  5. vandalic

    vandalic Active Member

    Joined:
    2nd Jan, 2007
    Posts:
    35
    Location:
    Brisbane, QLD
    I received no notification of increases the last 2 times either.

    In my opinion panicing and locking rates is not something I'm going to do.

    Here is a comment from Noel Whittaker today on interest rates:

    "The future of rates is always hard to forecast, but right now the money market is telling us that the interest rate cycle has nearly reached its peak. Five year bonds are now yielding a little over 7% and 10 year bonds around 6.9%. This is a clear indication that there should be no more than a quarter of a percent rate rise to come. Also, experience tells us that humans normally fail by chasing the last winner. Fixed rate loans have become the most popular form of finance about – I believe that those who take out fixed rate loans now will be sorry later."
     
  6. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    Interesting last post. When we got our house loan in 2006, INGbank would only consider giving me a fixed interest loan because they were worried about serviceability (the loan is only in my name so my partner's serviceability didnt come into play). The interest rate we got is 6.75 fixed for 5 years (from feb 2006). If I understand Noel Whittaker's comment correctly then the next house loan we get (early 2009) we should have as variable interest.