Founder and chairman of Aussie Home Loans John Symond has called on the RBA to keep interest rates on hold when it meets later today.
Mr Symond said the RBA should leave interest rates on hold until the turmoil in the world money markets and sharemarkets is addressed.
“With so much volatility occurring across the world, especially with Europe’s current debt crisis, and soft economic data coming out in Australia, it would be wise for the Reserve Bank to wait until the effects of the latest interest rate rises and the federal Budget sink in,” he said.
In light of the continuing upward rate trend, Mr Symond said there was no better time for home owners and credit card holders to see a mortgage broker and investigate their own financial situation.
“Aussie’s research shows that home owners who refinance through a mortgage broker generally save up to 0.75 per cent on the standard variable rate, which could amount to tens of thousands of dollars over the life of the mortgage,” he said.