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Homeowners get 'exit fee' relief, Lindsay Tanner says |
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HOME >> NEWS >> Homeowners get 'exit fee' relief, Lindsay Tanner says |
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 THE federal government is preparing a "range of tools" that will enable people to move bank loans without facing heavy exit fees, says Finance Minister Lindsay Tanner.
Major banks began lifting home loan interest rates this week following a Reserve Bank decision to hike the official cash rate by 0.25 per cent.
One bank, the Commonwealth, angered the federal government by going further than the Reserve Bank adjustment by announcing a 0.3 per cent increase to its standard home loan interest rates.
Mr Tanner, who publicly criticised the Commonwealth Bank on Wednesday, said customers should have the ability to change bank loans with minimum penalty.
Although the banks should act independently on the issue the government would soon announce a "range of tools" that would force them to cut exit fees, he said.
"Apart from the very public pressure that we are already putting out there, which I hope would have an effect, ultimately government, APRA (Australian Prudential Regulation Authority), ASIC (Australian Securities and Investments Commission), the Reserve Bank are all involved in the regulatory process that do effect the banks," Mr Tanner told the Nine Network today.
"Obviously we don't want to be heavy handed about it, we would hope that the banks get the message.
"(Treasurer) Wayne Swan's advised me that he's expecting to announce something pretty soon."
Source: http://www.news.com.au/ |
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