OZschwitz slave pen: The command economy continues, as federal government outlaws exit fees on mortgages

HOME BUYERS will be free to switch banks without penalty as the federal government outlaws exit fees on mortgages.

Treasurer Wayne Swan will announce a big overhaul of the industry today, also empowering the Australian Competition and Consumer Commission to crack down on banks if they try to send price signals to one another to keep their interest rates collectively high.

Mr Swan will also announce measures to prop up smaller banking institutions – credit unions and building societies – as a ‘‘fifth pillar’’ of Australia’s banking system.
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The changes will come into effect from July1. They will bring relief to home owners who have been prevented from switching their mortgage to a cheaper loan by exorbitant exit fees. At $700 to $1500, they are among the highest exit fees in the world.

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OZschwitz slave pen: The command economy continues, as federal government outlaws exit fees on mortgages

OZschwitz slave pen: The command economy continues, as federal government outlaws exit fees on mortgages

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