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Australia’s big five banks are slugging borrowers far higher exit fees than smaller lenders or credit unions, according to a report compiled by ASIC.
The report, commissioned by Treasurer Wayne Swan, has shown on average that exit fees across the big five banks’ loans is $1,081 – a signifigant sum when compared with average exit cost charged by credit unions and building societies of just $400.
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Published: 07-04-08
