NSW:Exit fee ban won't make difference, Hockey

AAP General News (Australia)
02-15-2011
NSW:Exit fee ban won't make difference, Hockey

Shadow treasurer JOE HOCKEY says any move to ban bank exit fees will make no difference
to struggling homeowners .. and competition on interest rates should be a greater priority.

The Financial review's reported Treasurer WAYNE SWAN will announce draft regulations
today .. outlawing exit fees on variable loans for new mortgages from July.

Mr SWAN says the new laws will put more competitive pressure on the big banks .. calling
on Mr HOCKEY to back the government's changes.

But Mr HOCKEY says many banks have already abolished exit fees .. and that interest
rates are of greater concern to home owners.

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KEYWORD: FEES (SYDNEY)

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