Consumer advice

Mortgage pricing not strongly competitive

The opaque pricing of discounts offered on residential mortgage rates makes it difficult for customers to make informed choices and disadvantages borrowers who do not regularly review their choice of lender, a report by the ACCC has found.

The ACCC’s Residential Mortgage Price Inquiry is monitoring the prices charged by the five banks affected by the Government’s Major Bank Levy: Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank of Australia (CBA), Macquarie Bank Limited, National Australia Bank Limited (NAB), and Westpac Banking Corporation.

39 per cent increase in consumer guarantee reports in 2017

More than 29,000 people reported consumer guarantee issues to the ACCC in 2017, with half noting problems getting remedies for faulty automotive, whitegoods or electronics products.

The ACCC is concerned by this growing trend, which shows a 39 per cent increase in reports about consumer guarantee issues when compared to the 21,000 received in 2016.

“It’s disappointing to see that more and more people are having issues enforcing their consumer guarantee rights,” ACCC Acting Chair Dr Michael Schaper said.

Your rights when you buy something

This guide explains your consumer rights and the steps you can take to resolve problems. It is written in Easy English, which is more accessible for people who have difficulty reading and understanding written information.