Ben Fordham has torn into the RBA Governor, calling him “out of touch”.

It’s been revealed that Philip Lowe paid off his own house with a heavily subsidised mortgage with taxpayers picking up the bill for the discount.

According to Sky News– he took out two loans. One of them- for $241,000- was provided at a heavily discounted rate by the Reserve Bank.

“So let’s get this straight, the RBA helps set the home loan rates for the rest of us, but RBA members have access to a special set of rules!” Ben said.

The other loan secured by Mr Lowe was from the Commonwealth Bank and it offered at half the standard variable rate being paid by other customers.

“This was completely within the rules… but Philip Lowe doesn’t share our pain, he’s living on another planet!

Catch up on Ben Fordham content below: