FED: Govt releases review of mortgage entry and exit fees

AAP General News (Australia)
04-06-2008
FED: Govt releases review of mortgage entry and exit fees

Borrowers are set to benefit from increased competition .. following the release of
a review highlighting the differences in fees on the various mortgage products offered
by lenders.

The federal government released details of a review of mortgage entry and exit fees
last night .. saying this will help boost competition in the banking sector.

The government says the information will also make it easier for unhappy borrowers
to switch lenders.

Federal Treasurer WAYNE SWAN says the review by the Australian Securities and Investments
Commission .. is aimed at fostering a more competitive banking system that works for Australian
families.

The data also gives information on termination fees .. which are a major impediment
for customers wanting to switch loans .. as they can cost thousands of dollars.

AAP RTV kms/wz/jec/

KEYWORD: FEES (CANBERRA)

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