Yellow Brick Road has claimed it will not lift interest rates on its home loan products beyond any official Reserve Bank of Australia (RBA) rate movement until at least the end of 2010 and he expects the major banks to do the same.
“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,” Mark Bouris, executive chairman of Yellow Brick Road, said today.
Mr Bouris’ comments come as rumours circulate that the major banks are planning to lift interest rates despite the RBA’s decision to keep the cash rate on hold.
“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.”