Symond slams govt incompetence over fees

Staff Reporter Thursday, 17 Mar 2011 3 minute read

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.

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