Tag Archives: banks

Battle of the Banks

Lenders have declared war in the home-loan market but for every discount thrown in your direction, beware a fee ambush.

The big banks are gunning for your home-loan business – waiving fees, boosting interest discounts on ”package” loans, promising lower rates for loyalty and even paying for you to leave your existing lender.

Borrowers should certainly make the most of it but mortgage market analysts warn they should also be careful not to let the special deals blow smoke over the true cost of a loan. Continue reading Battle of the Banks

Mortgage exit fees banned

Disgruntled bank customers will be able to switch home loans with impunity from the middle of next year under an overhaul of the banking sector designed to break the dominance of the big banks.

Treasurer Wayne Swan will announce today plans to ban mortgage exit fees – blamed for dampening competition by making it prohibitively expensive for customers to switch to cheaper loans – from July 1 next year. Continue reading Mortgage exit fees banned