PHOTO: The Federal Government says it is worried the big banks are not passing on interest rate cuts in full. ABC News: Alistair Kroie

Do you know what interest rate your neighbours pay on their mortgage?

What about the person down the street, or in your suburb?

What if you could?

On Monday, Treasurer Josh Frydenberg announced the Australian Competition and Consumer Commission (ACCC) will hold an inquiry into why the Reserve Bank’s rate cuts are not being passed on in full by the major banks.

The official cash rate is at a record low of 0.75 per cent and may be heading into negative territory.

The inquiry aims to shine a light on how banks set residential mortgage rates, whether they gouge consumers with a “loyalty tax” (where discounts are offered to new customers while longer-term customers pay more) and what major barriers exist to discourage customers from switching banks.