Finance brokers association calls on banks to be responsible with interest rates after RBA announcement today

 The peak body representing Australia’s finance brokers wants banks to respond appropriately to the Reserve Bank decision today, whichever way it goes.

Executive Director of the Finance Brokers Association of Australia Peter White, says he would be “appalled if banks continued raising interest rates if the Reserve Bank keeps official rates at an all-time low as predicted.”

“When the banks increase interest rates because their profit margins are being narrowed, the cost regrettably has to be offset by the borrower. In the current climate this would be very difficult to justify.”