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Home loan fact sheets now mandatory

09/01/2012

Mortgage applicants now get all the information they need to make an informed decision about their biggest financial commitment – their home loan – on a single sheet of paper.

Coming six months after Wayne Swan’s ban on mortgage exit fees and 12 months after financial support for smaller lenders, the fact sheets aim to help borrowers compare and save money.

“The layout is standardised so you can compare apples with apples,” advises the government’s banking reform campaign website.

Treasurer Wayne Swan said the fact sheets will add to competition in the home lending market and give borrowers more power.

Source: Sunday Mail



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