Govt releases review of mortgage entry and exit fees

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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

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