Home Loans Exit Fees Get Political
The Labor Party has been the driver in Banking Reform in Australia.
In fact it was always the Australian Labor Party who have reformed the banking system and opened up the mortgage industry to competition which saw the banks reduce their interest rates by over 2%. That is a lot of monthly savings for every Australian Homeowner with a mortgage.
Late last year, Mr Swan announced a bank reform package, including banning price signaling between banks and scrapping bank exit fees, in a bid to lift competition.
