Bank not obliged to offer customer lower interest rate

Concerns about lending decisions,
In February 2023, Archer approached the bank for a home loan interest rate that was lower than the one advertised on its website. The bank refused. Archer complained to us that the bank gave a discounted rate to most of its customers, including people he knew. He said the bank's decision was unfair.
November 2023

Our investigation

We told Archer we were not a price regulator and could not consider complaints about the interest rates banks offered. We explained that a bank was entitled to make decisions based on each customer's circumstances and its assessment of the level of risk entailed in lending to that customer. Certainly, banks might, in some circumstances, offer lower interest rates to some customers, but this was a decision for the banks alone to make, based on their own commercial judgement. We could not involve ourselves in such decisions.


We could not consider Archer's complaint.

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