In a recent statement, FBAA (Finance Brokers Association of Australia) executive director, Peter White, released a statement questioning the motivations behind the decision of the big 4 banks, and others, to increase interest rates.

White indicates that “some investor and interest only loans have increased by as much as 66 basis points since the Federal Budget announcements in May.”

The FBAA director has also questioned whether the ACCC (Australian Competition and Consumer Commission), who is responsible for holding the major banks accountable for issues affecting consumers, is doing enough to mitigate these sudden rate hikes.

As consumers, there are things you can do to ensure you aren’t paying more than you need to. If you’re concerned about your current interest rate or concerned about your affordability should your bank decide to increase your interest rate, you need to ask your mortgage broker for a mortgage review.

Review your mortgage to save more and achieve more.  

As your broker, we’re here to find options on your behalf. Not all banks have increased rates, some lenders have very competitive refinance options for people with good and bad credit.

To see if there’s a better product in the market for you, call our team of expert mortgage brokers today on 1300 652 842. Or email them directly by clicking here.