“Banks must immediately pass on these savings and the reduction of interest rate in full.”

“Banks should not be using this decrease as a mechanism to ‘buy new business’. In the past existing borrowers have waited weeks and months for any benefits whereas new borrowers are offered the new rate immediately. This should be passed to existing mortgage holders now.”

“I’d also like to see the banks pass these interest rate reductions onto credit card holders as well as all variable rate loan facilities.”

“My advice to borrowers is to take advantage of these extremely low interest rates by leaving their repayments at the current levels and not reducing their payments. This way they will pay off their mortgage quicker.”