Aussie executive chairman John Symond has launched a stinging attack on Treasurer Wayne Swan.
Addressing delegates at the Australian Banking & Finance Mortgage Innovation conference in Sydney yesterday, Mr Symond branded Mr Swan as “arrogant” and “incompetent” over his refusal to listen to the industry over the proposed ban of exit fees.
“We have an arrogant treasurer that refuses to enter into dialogue,” he said.
Mr Symond said the Treasurer’s proposed blanket ban on exit fees would ultimately hurt borrowers by pushing up the price they pay for mortgages.
“At the end of the day, banning exit fees is an accident waiting to happen,” he said.
If lenders remove their exit fees under government regulation, Mr Symond warned, this would force them to increase up-front fees or interest rates.
“The cost of a mortgage will go up as a result of this botched regulation,” he said.
Mr Symond said that DEFs and exit fees were on the whole reasonable. And while he acnowledged that "a few lenders" charged unfair fees, the NCCP would weed out those that did not practice responsible lending.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.
One-fifth of Australians have admitted to not telling the whole t...
The SME challenger bank has announced its latest equity funding r...
The aggregator has partnered with a finance brokerage to add a co...