Monday, 9 July 2007

Colonial Geared Investments

I've got to say, I've been a little cold on this lot ever since this happened. They're normally a good bunch, but it may be time for me to shop around, given that margin loan interest can often be somewhat pricey.

Last week, for no apparent reason, they chose to raise their standard variable rate by 0.10 of a percentage point.


I have an existing margin lending facility with you guys and have been largely happy with the service provided.

I noticed that last week you took the odd step of raising your standard variable rate by 0.10 of a percentage point.

This was despite the fact that the Reserve Bank met last week and chose not to raise rates.

I rang your call centre this morning and the staffer who greeted my call was unable to say why this increase took place. Could you say why? Have you added any new features recently?

Cheers, Dikkii.

Rest assured, if the answer is unsatisfactory, I will be re-financing. I already have an alternative lender lined up.

Disclosure: This blogger owns shares in Commonwealth Bank of Australia, which owns Colonial Geared Investments

Standard but necessary disclaimer: This is not advice. Only a complete idiot would think that any of this constituted advice. It's not even vaguely reasonable to consider this to be advice. If you are in any doubt as to the content of this, see a good, independent financial adviser immediately. They do exist.

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