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.”

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Peter White has been in the finance industry since 1979, was the first CEO of Wizard Home Loans and is highly respected across the industry. He is available to comment further on the Reserve Bank Decision today.

Media Contacts: Lyall Mercer – 0413 749 830 // Barbara Gorogh – 0435 909 608