If you’re a long-term customer of a major bank with a mortgage and you’re paying their standard mortgage rate, then you’re likely paying a loyalty tax.

That’s because new customers to your bank will be offered a lower interest rate than the one being paid by the bank’s longer-term customers.

There are many things about the behaviour of the major banks that are disturbing - but few things annoy me more than their policy of providing the best loan deals to new customers, while refusing to offer the same terms to their existing, long-term, loyal customers.

There are far too many Australians who feel it’s right to stay loyal to the major institution they’ve banked with for years.

But the reality is, your loyalty is not being reciprocated by the bank.