CBA borrowers to lose their homes

Commonwealth Bank chief executive Ralph Norris said his bank's 0.45 per cent interest rate rise will cost some customers their homes. Sir Ralph said it was better to see "a few" foreclosures than have an economy hamstrung by a low-profit banking system.

"I understand that people are hurting, I am seeing it. I'm not totally insulated," Sir Ralph said. "I have done all I can to try to minimise the impact by making sure we've got good customer assistance programs for those customers that are genuinely in need. That's all I can do."

Norris said customers feeling mortgage stress or having trouble with repayments should contact the bank’s hardship relief centre.

Source: The Daily Telegraph