FBAA urges big banks to drop rates

The Finance Brokers Association of Australia (FBAA) has welcomed drops in home loan mortgage rates by some smaller lenders, saying it would benefit borrowers if the big banks followed suit.

The lenders have cut their rates in a move aimed at attracting owner-occupier and investment borrowers.

“It is good to see the non-banks, second tier and small lenders supporting home borrowers,” said FBAA executive director Peter White.

“But at the same time, it is disappointing the big banks like ANZ seem disinterested in trying to work with borrowers by doing the opposite and putting their rates up.”

Mr White hopes that at some point, the big five will come to the conclusion that using their size to take advantage of the market is not helping anyone.

“We hope in 2018 the big banks remember where their profits come from, and that is borrowers,” he said.

“And we encourage the banks not to stab borrowers in the back with out of cycle interest rate movements, or unjustified fee hikes.”

National Office

Hours: 8:30am – 5pm Monday to Friday
Phone: 07 3847 8119 Email: info@fbaa.com.au

National Office

Street: Level 1, 116 Ipswich Road, Woolloongabba, QLD 4102
Post: PO BOX 177, Coorparoo, QLD 4151

Finance Brokers Association of Australia Limited

ACN: 094 784 040 ABN: 22 094 784 040
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