Comyn , CEO of Australia 's CBA has said the firm does not hit existing mortgage customers with a "loyalty tax". Speaking to a House of Representatives' economics committee, Matt Comyn said Commonwealth Bank didn't "actively seek" to hold borrowers on a higher interest rate, and said it "proactively" contacted people to inform them of lower rates offered to new customers. The Australian government launched an inquiry into the difference between mortgage rates offered new and existing customers, and Comyn said the banking industry had "more work ahead" to win back public trust.
Matt Comyn, CEO of Australia's Commonwealth Bank has said the firm does not hit existing mortgage customers with a "loyalty tax". Speaking to a House of Representatives' economics committee, Comyn said CBA didn't "actively seek" to hold borrowers on a higher interest rate, and said it "proactively" contacted people to inform them of lower rates offered to new customers. The Australian government launched an inquiry into the difference between mortgage rates offered new and existing customers, and Comyn said the banking industry had "more work ahead" to win back public trust.