Intouch Finance chief executive Paul Ryan has slammed the big banks for raising rates out of cycle, and said the lenders are “riding high” at the moment.
Mr Ryan said he welcomed backlash to the out of cycle rate hikes.
“The banks are riding high at the moment, enjoying record profits, market leading returns on equity and lavish remuneration packages for their management team, yet they continue to cry poor,” he said.
“Ultimately it’s up to the consumer to hold the banks accountable. In the last two weeks we’ve seen an increase in rates coupled with the announcement of major job losses. I want consumers to know that there are other options and smaller lenders who are offering cheaper rates and make service an absolute priority of their business.”
Mr Ryan said brokers were in the prime position to help borrowers understand that there may be a better deal out there.
“Don’t fall for the big four crying poor” Mr Ryan said.
“Get on the phone, get some quotes and then call your bank to find out what it’s prepared to do to keep your business. If the answer’s nothing, then maybe it really is time to make a change.”