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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