Customers at three of the country’s biggest banks overwhelmingly decided not to reduce their home loan repayments after the Reserve Bank of Australia last cut interest rates, instead paying off their mortgages faster.
While Westpac automatically lowered the minimum repayment for customers after the February cut, Commonwealth Bank, ANZ and National Australia Bank made borrowers visit a branch, ring the call centre, or activate lower repayments online to reduce their repayments.
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