The following statement is attributed to Peter White, National President of Finance Brokers Association of Queensland:
This is a prudent move by the Reserve Bank. It is clearly a ‘wait and see’ approach while allowing the impact of already reduced interest rates to take effect across the marketplace. I believe however if things don’t economically change, we can expect a further rate cut in the coming few months. It should be remembered that many borrowers are still having difficulty in meeting their home loan repayments. The ombudsman is continually dealing with new cases.
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