Resi Mortgage Corp has urged borrowers not to be spooked by bank and other commentators’ rhetoric around interest rates.
Head of consumer advocacy at Resi Lisa Montgomery said borrowers must remember that they can still look to non-bank lenders for a competitive home loan.
“In the current climate people are forgetting that prime non-bank lenders have been in the market providing competition to the banks for over two decades,” she said.
Even in the current market Ms Montgomery said that prime non-bank lenders’ rates were still around half a per cent less than those of the banks.
“What we have seen happening is banks initially claiming the moral high ground on interest rates -- only to then drip feed information to the market and impose rate rises as they juggle the competing interests of shareholders and borrowers,” she said.
These interest rate tactics have “deceived vulnerable borrowers” she said, emphasising that Resi was committed to continuing to provide a real choice to borrowers to ensure banks wouldn’t regain a monopoly on the market.
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