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Lenders slow to issue home loan fact sheets

19/01/2012

Consumer group Choice has conducted a small, informal shadow shopping exercise to see how the banks are dealing with the new requirement to issue home loan key facts sheets to consumers making inquiries.

The result: not one KFS was issued at any of the branches Choice visited.

Choice staff posed as first-home buyers asking about a $300,000 home loan. On each occasion they asked for information to take away – a question that should have prompted the branch staff member to produce a KFS.

Since January 1 lenders have been required to give home loan borrowers a KFS upon request. The idea is to provide information about the loan in a standard format, so it is easier for borrowers to compare loans and shop around.

Source: Banking Day



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