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Big banks' exit fees dwarf credit unions?

by Staff Reporter6 minute read
The Adviser

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.

Published: 07-04-08

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