Major Australian lenders have been urged not to take advantage of the current political uncertainty by lifting home loan rates outside of RBA movements.
It would be most unfortunate if lenders were to take advantage of the situation at the cost of the already overstretched Australian borrower – said a representative of the Real Estate Institute of Australia.
Knowing that the Government is in caretaker mode and is unlikely to reprimand lenders at this time, unscrupulous funders could choose to act irresponsibly at this time.
It would be very helpful if banks and other lenders waited until the current political situation in Australia is resolved and a new government is appointed before announcing any further rate movements.