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ACCC tells mortgage borrowers to switch banks
An inquiry conducted by the Australian Competition & Consumer Commission (ACCC) found that Australia’s five biggest banks are charging loyal home loan borrowers significantly higher interest rates than new customers. If you think your bank is ripping you off, keep reading.
The ANZ, Commonwealth Bank, Macquarie Bank, NAB , and Westpac charged existing borrowers an average of 32 basis points more than new borrowers.
IF YOU THINK YOUR BANK IS RIPPING YOU OFF, then a discount of 32 basis points for a $375,000 mortgage equates to a saving of $1,200 in interest during the first year, according to the ACCC.
This is just one of the findings from the interim report of the Residential Mortgage Price Inquiry, which is being conducted by the ACCC under instruction from the federal government. If you think your bank is ripping you off, this information could be crucial.
Download the original ACCC reports by filling in form by clicking here.
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