Swan talks up govt’s home-loan plan
The federal government’s four-part home-loan plan will save people a lot of money over the years, Treasurer Wayne Swan says.
Under the plan, the Australian Securities and Investments Commission (ASIC) will review entry and exit fees that banks levy on customers who want to take out or close a mortgage account.
The government will also establish a complaints hotline and a website that will give customers advice on how to switch banks.
And banks will have to help customers transfer their direct debits and credits.
Mr Swan said the plan, to be in place be November, will save customers “a lot” of money.
“The most important thing here is that people can access the benefits of competition,” Mr Swan told Sky News.
“If there are better rates…for their mortgage and there is a bank down the road offering a better rate then being able to switch your account can save you a lot of money over the years.”
