The Members for Blaxland, Jason Clare MP, and Banks, Daryl Melham MP, today said families in the Bankstown area who are looking to compare home loans will now be better off thanks to important new changes to the banking system.
Mr Clare said from 1 January, all banks and lenders are now required to offer a new Mortgage Key Facts Sheet – a one page summary of key information that will make it much easier for families to compare home loans and get a better deal.
“Under the Government’s improvements to the banking system, families will be in a better position than ever before to compare home loans,” he said.
Mr Melham said “Banks and other home loan lenders will now be required to provide a one page fact sheet to customers with all the key details about the home loan they’re being offered. “It will spell out pricing, interest and terms in plain language and in a standard format. “It’ll mean less time wading through paperwork and spending hours talking to different lenders to find out basic details families need to compare loans.”
Mr Clare said “The new fact sheet will allow families to compare mortgages and make informed decisions.”
“It will make it easier for people to switch to a better deal if their lender isn’t looking after them.
“The new fact sheet will give them the information they need to make that decision.”
Mr Melham said the 1 January changes are the latest improvements to be made as part of the Labor Government’s reforms to the banking system.
“We’ve also banned exit fees for new home loan customers, which makes it easier for families to walk down the road and get a better deal if their lender isn’t looking after them,” he said.
“The Government’s banking reforms have helped kick?start competition amongst the banks and lenders, which is delivering real benefits for Australian families. For more information about the Government’s banking reforms, visit www.bankingreforms.gov.au