A mortgage advisor is joining the Finance Minister in urging banks to slash home loan rates.
Nicola Willis is asking them to pass on “as much as possible” in the wake of the Reserve Bank cutting the Official Cash Rate to 2.25%.
She says the banks have a stake in the economy, and passing the cuts on will make a significant difference.
Loan Market Mortgage Advisor Bruce Patten told Mike Hosking the banks are holding onto some really good margins at the moment.
He says he’d like to see them pass them on before Christmas – everyone needs it, so someone needs to make the move.
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The Mike Hosking Breakfast