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ACCC Unveils- Big Four Banks Did not Fully Pass Lower Rates to Mortgage Customers

  • April 28, 2020 02:05 PM AEST
  • Team Kalkine

The Australian Competition & Consumer Commission (or ACCC) unveiled that maintaining profits was a major consideration for the big four banks while they weighed on reducing mortgage rates in line with the RBA’s cut in the cash rate.

  • The recent report released by ACCC on the home loan enquiry depicted that the big four banks considered a variety of factors to reach a conclusion regarding whether to pass on the RBA’s June, July and October 2019 rate cuts; however,
  • ACCC noticed that recovering profits was central to the big four banks, and they did not fully pass through the lower rates to mortgage customers.
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