RBA tipped to cut rates THIS WEEK The Reserve Bank is tipped to announce another rate cut this week, in response to the growing threat of the Coronavirus. The next scheduled RBA board meeting is three weeks away on 7 April but the governor of the RBA has flagged an important announcement for Thursday. The board is meeting on Thursday to discuss the further action needed to mitigate the economic impact of the coronavirus pandemic. Keep up to date with the latest news and forecasts for RBA interest rates at InfoChoice. Commonwealth Bank ‘overcharged 8,600 Agri customers’ The corporate regulator, the Australian Securities and Investments Commission has launched legal action against Commonwealth Bank alleging that it overcharged fees and interest on more than 8600 customer accounts over ten years. ASIC claims CBA acted in a misleading or deceptive manner with its marketing of the AgriAdvantage Loyalty Plus package. ASIC says CBA never gave promised special waivers to customers after they paid to join the program and failed to distribute bonus interest payments to depositors under the program. The allegations relate to actions occurring between 2005 and 2015. And, as a result, most of the breaches fall outside the six-year statute of limitations rule. Go direct to Commonwealth Bank interest rate and fees information at InfoChoice. Banks and Coronavirus assistance Major banks and other lenders have announced various measures to help their customers who are affected by Coronavirus. If you believe you are in financial hardship because of Coronavirus, you can apply for financial hardship assistance. Find out more about applying for financial hardship assistance from your bank at InfoChoice. Commonwealth Bank remains open Commonwealth Bank has a range of assistance measures for people impacted by Coronavirus. “We recognise the important role we play to support our customers, our people, our suppliers and the economy,” said CEO Matt Comyn. CBA’s 900 branches will remain open and CBA guarantees it will “continue to process home loan applications quickly and efficiently.” Commonwealth Bank is encouraging mortgage-holding customers facing hardship due to the COVID-19 virus to reach out. CBA is offering deferral of loan repayments to borrowers who qualify for financial hardship assistance. CBA is reducing rates on business loans by 0.25 percentage points and allowing for the deferral of repayments and the waiving of fees in some cases. Find out more about applying for financial hardship assistance from your bank at InfoChoice. Suncorp assists COVID-19 victims Suncorp Bank also announced financial assistance support for customers impacted by COVID-19. “We want our customers … to know assistance is available and that we are here, ready to support them,” said CEO Lee Hatton. Find out more about applying for financial hardship assistance from your bank at InfoChoice. Bendigo and Adelaide Bank offers supports for customers Bendigo and Adelaide Bank says it’s offering both short and long-term support for business and consumer customers affected by Coronavirus COVID-19. “We are working with the industry and government to manage the impact on our customers, staff, communities and partners,” said managing director Marnie Baker. Find out more about applying for financial hardship assistance from your bank at InfoChoice. The lowest home loan rate … The lowest home loan rate now listed on InfoChoice is 2.44% pa (2.47% pa comparison rate) from Reduce Home Loans. This variable rate is available for owner occupiers paying principal and interest. Go direct to Reduce Home Loans interest rates and fees information at InfoChoice. Compare home loan rates from Australia’s banks and other lenders at InfoChoice. Capital City Auction Results for 14 March 2020 Auctions around Australia have been affected by Coronavirus fears with guidelines now in place on real estate gatherings. To keep up to date with the latest auction results in your capital city, go to InfoChoice’s property market outlook for 2020. Your bank’s loan and account rates are here …. Do you know how to check your loan or account interest rate and compare it with others in the market? Do you know what repayments you are making each month? Do you know what the rules are on your savings account? You can easily check on the interest rates and fees information, as well as the all the basic features on your loan, card or account at InfoChoice. InfoChoice also has calculators to help you budget and work out how much you can afford. Find your bank or financial provider at InfoChoice and go directly to their interest rates, comparison rates and fees information on loans, cards and accounts. NAB cuts savings rates by 0.25% pa National Australia Bank has cut 0.25% from at-call saving accounts rates. NAB follows ANZ and Commonwealth Bank in cutting savings rates following the RBA’s rate cut in March. The iSaver savings account maximum bonus rate (for first four months) is now 1.30% pa. NAB’s Reward Saver maximum bonus rate has come down to 1.25% pa. Go direct to NAB interest rates and fees information at InfoChoice. Read more about the best savings account rates at InfoChoice.