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Customers not getting the best deal: ACCC | SBS News

“It’s almost impossible for customers to obtain accurate interest rate comparisons without investing a great deal of time and effort,” Mr Sims told reporters in Sydney after the report’s release on Thursday.

Mr Sims said banks were not competing to offer borrowers the best price, with the watchdog uncovering evidence decision makers were trying to avoid “leading the market down”.

The watchdog also found banks favoured new borrowers over existing customers, and that many consumers could easily save money by switching lender.

“It seems existing customers are not being rewarded for their loyalty; in fact they are worse off,” Mr Sims said.

Treasurer Scott Morrison suggested the banks were making it confusing for customers and called for greater transparency to give more power to them.

“When you take your existing customers for granted, I think that is a sign that the customer isn’t getting the best deal,” Mr Morrison told reporters in Sydney on Thursday.

“You will get a better deal from your bank if you call them and if they don’t give you a better one, go to another one (bank).”

The treasurer said customers need to shop around, like they would with electricity prices or household appliances, to work out the best prices and best deals.

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Customers not getting the best deal: ACCC.

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