Dec 11 (Reuters) - Australian Competition & Consumer...

Dec 11 (Reuters) - Australian Competition & Consumer Commission:

• LACK OF TRANSPARENCY STIFLES MORTGAGE PRICE COMPETITION
• ACCC’S RESIDENTIAL MORTGAGE PRICE INQUIRY MONITORED PRICES CHARGED BY 5 BANKS AFFECTED BY GOVERNMENT'S MAJOR BANK LEVY FROM 9 MAY 2017 TO 30 JUNE 2018
• THE OPAQUE, DISCRETIONARY PRICING OF RESIDENTIAL MORTGAGES BY BANKS MAKES IT DIFFICULT AND TIME CONSUMING FOR BORROWERS TO SHOP AROUND
• "PRICING FOR MORTGAGES IS OPAQUE AND THE BIG FOUR BANKS HAVE A LOT OF DISCRETION"
• FOUND NO EVIDENCE THAT 5 BANKS CHANGED PRICES SPECIFICALLY TO RECOVER COST OF MAJOR BANK LEVY, IN PART OR IN FULL, DURING PRICE MONITORING PERIOD
• REFERS TO OPAQUE MORTGAGE PRICING, SAYS BORROWERS MAY NOT BE AWARE THEY CAN NEGOTIATE WITH LENDER ON PRICE BEFORE & AFTER ESTABLISHING MORTGAGE

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