Borrowers must ask for mortgage fact sheets

From January 1, banks have been required to give potential borrowers a page outlining mortgage rates, fees, monthly and annual repayments and the total interest payable over the life of the loan.

But an investigation by consumer group Choice found just one of the 18 branches it tested provided the necessary information.

Banks argue they don't have to provide the document unless customers specifically request the “Australian Government's key facts sheet” by name.

Australian Bankers Association chief executive Steven Munchenberg said banks were “well aware” of their legal obligations in this area. “It is important for consumers to remember that if they want the Federal Government-mandated key home loan fact sheet, then they need to be clear and ask for it,” he said.

Source: Courier Mail