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Australia: ACCC calls out big four’s lack of competition

By  |  March 15, 2018

The Australian Competition and Consumer Commission (ACCC) released its interim findings from a sweeping review of mortgage interest rate decisions by the big banks on Thursday, March 15.

Home loan customers face a lack of vigorous price competition among the big banks and “opaque” information about mortgage lending discounts, a consumer watchdog report has found.

In contrast, National Australia Bank’s (NAB) chief operating officer Antony Cahill said four out of every five customers are paying a rate below its current standard variable rate and that NAB had proactively contacted more than 300,000 customers over the past year to discuss potential discounts.

“This is indicative of a competitive market, and we continually review the setting of interest rates, our policies and products to ensure we provide the most suitable offering for our customers’ needs,” Mr Cahill said.

Full Content: Financial Review

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