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Greens want RBA linked home loans

07/02/2012

Greens MP Adam Bandt plans to amend his banking bill to require banks to offer mortgages that pass on any Reserve Bank rate cut in full. So-called tracker loans are offered by some lenders, notably Bankwest, although they are not common.

The bill introduced last year includes provisions intended to allow consumers to switch bank accounts more easily. It also requires approved deposit-taking institutions to give term-deposit holders more comprehensive information about rollover rates at the end of the term.

The most controversial provision in the bill is a requirement that a mortgage insurance contract be terminated when the mortgage it covers is terminated. The lender would have to pay a premium rebate to the borrower.

Source: Banking Day



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