The Commonwealth Bank is attempting to win back customers by scrapping fees across a range of mortgage and savings accounts after being stung by criticism of its interest rate rise last November.
The move, which includes the temporary removal of mortgage establishment fees, is part of efforts by the banking sector to smooth over relations with customers after a round of large out-of-cycle interest rate rises. Continue reading Commonwealth Bank cuts fees to win back unhappy customers →
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 →
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