300,000 Aussies have switched their home loan

The Treasurer Wayne Swan said government reforms to mortgage exit fees had delivered increased competition in the banking sector for borrowers who can now compare and switch loans more cheaply.

"Since we banned exit fees, over 300,000 people have refinanced their mortgage – that's around $79 billion worth of mortgages," he said. "By the end of this year there'll over two million home loans without exit fees."

Source: Herald Sun