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MyRate.com.au welcomes mortgage fact sheets

09/01/2012

MyRate.com.au’s managing director Kevin Sherman opposed the mortgage exit fee ban but said the new mortgage fact sheets are a definite step forward.

“The fact sheet is better for borrowers than a simple comparison rate,” said Kevin Sherman. “But it is still very difficult for borrowers to do an ‘apples with apples’ comparison where they can factor in possible changes of behaviour over the next ten or so years.”

“The fact sheets go some way toward that, by showing the effect of extra repayments for example, but an individual borrower may not find that enough,” said Sherman.

“Borrowers will still need to sit down and go through all the options and scenarios, preferably with a consultant, and work out which loan is right for you.”

Source: Courier Mail



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