Treasurer Josh Frydenberg has today asked Australia’s competition watchdog to conduct an inquiry into the banking sector’s refusal to pass on recent interest rate cuts in full to its customers.
Popular online lender ING has jumped the gun, cutting rates on a number of its fixed home loan products for owner-occupiers and investors by up to 75 basis points.
The Reserve Bank’s monthly meeting is just around the corner with a rate cut almost a certainty, but that hasn’t stopped lenders cutting rates for new customers as the home loan war heats up.