Government releases mortgage fees review

Bring it on I say. Anything that assists consumers in making more informed choices about finance and the real costs of fees is welcome. In particular, the exit/break costs on current fixed rate loans are excessive and a major cause of concern for many borrowers who wish to refinance or chase better deals- and who wouldn't, given the increasing rates over the last two years?


"The data also shows that early termination fees are highly prevalent, with 94 per cent of home loan products offered by the big banks attracting an exit charge.

The exit fees are a major impediment to customers who want to switch loans as they can cost thousands of dollars"