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The New Daily

Matthew Elmas

‘Now in reverse’: Big four banks slash refinancing discounts as profits come under pressure

Sally Tindall RateCity RBA The Commonwealth Bank ANZ Australia Westpac

10 News First – Disclaimer

Australia’s big four banks are restricting their biggest mortgage discounts as tight competition and record levels of refinancing eat into their profits.

The Commonwealth Bank on Friday increased interest rates on its packaged variable rate loans by up to 0.12 percentage points – the second rate hike on these loans over the past two weeks.

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