CHOICE says it’s time for banks to say ‘we can’
CHOICE says that Australian consumers expect the big four banks to pass on the Reserve Bank of Australia’s (RBA) June 5 cash rate cut in full.
The people’s watchdog also believes that there are encouraging signs that the CHOICE Move Your Money message is cutting through and consumers are walking down the street and finding better deals.
ABS data for March shows smaller lenders increased home loan sales for the month by 20 per cent, whilst banks only saw a 0.5 per cent increase on home loan sales for the same period.
“The RBA’s cash rate cut is a signal that the economy needs stimulating, it’s not a move to line the banks’ pockets with more cash,” says CHOICE spokesperson Ingrid Just.
“If your bank is not passing on the cut then consider ditching and switching.”
From July 1, new rules will allow consumers to change institutions for their transaction account by filling out a single form.
“If the big four really believe that the customer comes first as the full page advertisements, billboards, and TV advertisements have us believe, then they would be handing over the RBA’s cut in full,” says Ms Just.
CHOICE is inviting consumers to look for a better banking deal using its Compare, Ditch & Switch comparison tool at choice.com.au.