Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Industry leader “bitterly disappointed” at big four banks

cba  x cba  x
Francesca Krakue 4 minute read

A broking industry body has criticised the major banks’ failure to fully pass on the RBA’s historic cash rate decision.

Peter White of the Finance Brokers Association of Australia (FBAA) has said it was “bitterly disappointing” that the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and ANZ failed to pass on in full the Reserve Bank’s 25 basis point cut.

“It was disheartening to find the CBA and NAB not passing on the full reduction which most banks passed on during the last official rate reduction in May,” Mr White remarked.

“Banks must protect shareholders but they must look after their customers,” he said.


Mr White also questioned the CBA’s decision to commence its new rate on 19 August, three weeks after the Reserve Bank’s decision.

“When rates rise the lenders lift their variable rates immediately,” he said, “Again it is the customer who is being treated poorly”.

For customers who have fixed loans, Mr White suggests they think carefully about the prospect of refinancing and a potential move to a variable loan.

“My advice would be to have a mixture of both fixed and variable, but be aware that rates will inevitably climb, perhaps sooner rather than later,” he concluded.

[Related: Big banks react to cash rate call]



Industry leader “bitterly disappointed” at big four banks
cba  x
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

cba  x


more from the adviser
handshake news

Breaking News

Non-bank completes acquisition of personal lender

An ASX-listed company has confirmed that it has acquired a pers...

Getcapital shift

Breaking News

GetCapital relaunches under new name

The SME lender has relaunched under a new name as part of a rebr...

James Symond to leave Aussie

Breaking News

James Symond donates $1m to cancer research program

The former chief executive of Aussie has donated $1 million to a...