Exit fees cause un­ease

Townsville Bulletin - - Investor -

AUS­TRALIA’S big four banks may not be as com­fort­able with a pro­posed ban on mort­gage exit fees as they are let­ting on, a Trea­sury of­fi­cial says. Un­der the Fed­eral Gov­ern­ment’s pro­posed re­forms to im­prove bank­ing competition, exit fees on new stan­dard vari­able home loans would be banned from July 1 this year. Many small play­ers in the bank­ing sec­tor have al­ready ex­pressed concern about the fi­nan­cial im­pacts of the pro­posed ban. ANZ and Na­tional Aus­tralia Bank have al­ready scrapped mort­gage exit fees.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.