Mark Bouris has issued a challenge to the majors: don’t raise rates out of step with the RBA.
The Yellow Brick Road executive chairman last week said his company would not lift the interest rate on its home loan products beyond any official Reserve Bank rate movement and Mr Bouris is now calling on the big banks to follow suit.
At the end of last year, three of the big four moved above and beyond the RBA’s 25 basis point rate hike, and there are industry rumours that the big banks could be ready to do the same thing again.
Funding costs are hurting the major players who are currently refusing to rule out the possibility of increasing their home loan rates out of step with the RBA.
“We are challenging the major banks to pledge to Australians that they won’t now lift home loan rates outside of the official rate cycle. If the banks do decide to increase their rates, it’s important that Australians realise there is now strong and growing competition to the banks. It’s my intention to help ensure that they don’t treat home owners as cash cows. We are committed to giving Australians better choices and value,” Mr Bouris said.
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