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Lenders charging loyalty tax, confirms RBA

The central bank has urged borrowers to “shop around” for a lower rate amid new data that sheds light on the interest rate gap between new and existing customers.  

Lenders charging loyalty tax, confirms RBA
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  • Shared by Nestegg
  • February 11, 2020
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The Reserve Bank of Australia (RBA) has released its quarterly statement on monetary policy, containing an analysis of new mortgage rate data collected by the central bank, which has found that the price differential between new and outstanding variable rate home loans increases with the age of a loan.

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