The "Blacklist" makes it's public debut.

Today in Melbourne's The Age newspaper the lender's blacklist made it's official media debut! The list is compiled by all major lenders and has apartment projects that the lenders have concerns about. What does this mean for you; it confirms that in ALL circumstances you should have a "Subject to Finance" clause inserted into any Contract of Sale that you may sign. You can read all the details by clicking here.

Also spotted (well, it would have been hard to miss) was a full page ad by CBA advertising that it would match or beat any other MAJOR lenders' interest rate. In a spring marketing gimmick, Commonwealth Bank said that it "guaranteed" it would beat any "currently advertised rate from ANZ, NAB or Westpac".

The pledge excludes "subsidiaries", which rules out a lot of Westpac's offerings through St George, BankSA, Bank of Melbourne, RAMS (and many other lenders) offering more competitive packages than the big 4. It also speaks down to consumers thinking they are unable to grasp the reality that is "not all about rate" - service, extras and convenience play a much bigger role now than ever before.

I can't help but wonder how the CBA can do this. Last year on Melbourne Cup Day they went above the RBA increase stating that "cost of funds" was the reason and, again only last month at the AGM, Mr Norris CEO stated that the "cost of funds" would keep rates up and that a rise outside of an RBA increase could be on the cards. I wonder what's happened? Could it be that the decreasing size of their mortgage portfolio has them scouting for business at any cost?

If you believed that banks didn't want your business, think again. They are at war with each other in mortgage land right now and of course, when at war, the truth is usually the first casualty.