Bank Loan Exit Fees For Review
Sydney Morning Herald
Monday January 14, 2008
THE Federal Government will consider forcing banks to reduce the exit fees they charge borrowers for switching home loans as it steps up its tussle with the banking industry over rising interest rates.
The Treasurer, Wayne Swan, said yesterday he was looking at obstacles which made it harder for depositors or borrowers to take their business from one bank to another.Mr Swan, who last week attacked banks for lifting interest rates by 0.2 percentage points, said he had asked Treasury for a report on how to increase competition between financial institutions."I said last week very clearly that some of the increases from some of the banks were excessive and I urged customers to vote with their feet," he said yesterday."I'll be off talking to the banks in the next few weeks."
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