Whilst the banking Royal Commission rolls onward and upward to the next major headline, it’s worth thinking back to some commentary from the ACCC Chairman Rod Sims that coincided with its commencement.

He said that banks’ home loan pricing was ‘opaque’. It’s a hazy world of higher discounts off higher standard variable rates, more discount for more money borrowed and negotiated or special deals done either through the mortgage broker or dealing with the bank directly. Even with all of this, they’re leaving something up their sleeve, because their preference is to maintain the status quo on Australian interest rates rather than give consumers the fairest pricing straight up.

And yes, your mortgage broker is in the thick of it, all on your behalf. One of the findings was this: “Existing residential mortgage borrowers paid significantly higher interest rates than new borrowers at the same bank. Between 30 June 2015 and 30 June 2017, existing borrowers on standard variable interest rate residential mortgages at the big four banks were paying up to 32 basis points more (on average) than new borrowers.”

Did you see that? If your home loan is as young as 3 years old, your interest rate could be 0.32% behind the eight ball. You could be on 4.40%, but you’d qualify for 4.08% if you presented as a brand new client tomorrow.

Put this on your list. Talk today.