Australian Competition Watchdog Says New Home Loan Borrowers Treated Better

Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims urges home loan borrowers to check the market regularly for the best deal. Reuters/Jason Reed

Banks should regularly prompt borrowers with older loans to review their interest rates and think about switching lenders, the competition watchdog says.

Homeowners could save $34,000 over the life of a $500,000 home loan by switching lenders, Australia’s consumer watchdog says.