Under new proposed laws, all mortgage loan applicants will receive an easy-to-read one page summary of their home loan features, including information about where to find reputable comparison data on their competitor’s mortgage products.
That reform came from government research that revealed that ordinary consumers can consistently choose the best value financial product for them when presented with one page of clear concise information about key features and costs.
Exit fees on mortgages will be banned from July 1. “There's simply no excuse for slugging a family with an exit fee of up to $7,000,” said the treasurer Wayne Swan.
That reform came from government research that revealed that ordinary consumers can consistently choose the best value financial product for them when presented with one page of clear concise information about key features and costs.
Exit fees on mortgages will be banned from July 1. “There's simply no excuse for slugging a family with an exit fee of up to $7,000,” said the treasurer Wayne Swan.
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