Competition among the banks appears to be decreasing with a...

Competition among the banks appears to be decreasing with a number of recent bank announcements:

·CBA removing their $2k refinance cashback

·NAB removing their $2k refinance cashback

·Plus the below increases in rates for new borrowers.

Below are just some of the rate increases for NEW loans and these increases are in addition to increases due to RBA increases.

	Date	Bank	Loan	Change
1	1-Mar	CBA	Basic variable	up to 0.10% pts
2	1-Mar + 10-Mar	NAB	Basic variable	up to 0.20% pts
3	25-Mar	CBA	Basic variable	up to 0.70% pts
4	28-Mar	ANZ	Basic variable	up to 0.21% pts
5	31-Mar	CBA	Package loan	up to 0.20% pts
6	13-Apr	Westpac	Basic variable	0.10% pts
7	14-Apr	CBA	Package loan	up to 0.12% pts
8	21-April	ANZ	Basic variable	up to 0.10% pts
9	28-April	NAB	Basic variable	up to 0.05% pts

ING recently increased their rates as well and overall the number of banks offering cashbacks is declining.

Reducing competition will assist BOQ grow the loan book without reducing margin.