Home loan consumer factsheets unveiled

The Federal Government officially rolled out its loan factsheet initiative yesterday. Lenders must now provide a home loan factsheet on request.

Headline and comparison interest rates, fees and charges, the total financial cost over the life of the loan and information about the impact of rate changes are all included in the factsheet. The factsheets will be standardised so lenders will be required to provide borrowers with information in the same way, making the comparison process easier.

Source: The Adviser