Aussie home loans calls for reserve bank to drop rates

Thursday 27, October 2011

Australia’s leading mortgage broker and non-bank lender, Aussie Home Loans, today called for the Reserve Bank to drop official interest rates by at least 0.25 per cent at its meeting next Tuesday (November 1, 2011).

Executive Chairman of Aussie, Mr John Symond said, “The latest inflation figures show that the economy is slowing and it is time for the Reserve Bank to inject some much needed confidence back into consumers.

“We are heading into the crucial Christmas retail season and a rate drop will boost sales and the rest of the economy. Australia is slowly recovering from the Global Financial Crisis but is susceptible to any economic shocks, which continue to be felt overseas”, he added.

Mr Symond said the non-mining economy had been slowing for many months and the continuing lack of consumer confidence was hurting businesses.

“Many Australians are worried about their job security and are not spending money, while the spectre of new taxes is also hanging over them. The Reserve Bank has been consistently talking up interest rates over the last year and this has contributed to consumers’ reluctance to spend”, he concluded.

Aussie has a team of mortgage advisers who are available 24 hours a day, seven days a week for a free consultation. Call 13 13 33 or visit one of the Aussie’s 160 Aussie Shops around the country.

For further information please call:

John Symonds
Aussie
(02) ) 8297 0702

Tim Allerton
City PR
(02) 9267 4511 or (0412) 715 707