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MFAA to keep fighting for non-banks

by Staff Reporter7 minute read
The Adviser

James Mitchell

The Mortgage & Finance Association of Australia (MFAA) will continue to fight for mortgage competition, despite the Senate's failed attempt to overturn the governmnt's ban on exit fees this week.

The MFAA had advocated for the ban on mortgage exit fees to include an exemption of non-bank lenders, based on the fear that without exit fees the non-banks will find it harder to offer competition, which will ultimately leave Australian's open to the threat of higher interest rates.

”It became clear during our lobbying that there are many in Parliament who share our concerns that the breadth of competition in the mortgage market needs to be enhanced in order to keep interest rates low,” said Mr Naylor.

“Non-bank lenders are synonymous with bringing down the margin on home loans in Australia,” he said.

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