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Federal Treasurer Wayne Swan has announced an investigation into home loan exit fees in a move to make the mortgage market more competitive.
According to The Australian, Swan said he will be investigating how to shield borrowers from exit fees if they choose to refinance their loans.
“I urge people to vote with their feet,” he said. “If there are obstacles to people voting with their feet, switching their accounts, we’ll have a look at those.”
Speaking with the Australian Financial Review, Swan said he is considering a “central register” of loans to lower the cost of moving accounts between banks.
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