Finance minister calls for greater bank transparency
Article by Mozo
Finance minister Bill Shorten has urged Australia's banks to increase the transparency over their mortgage packages.
He wants lenders to open their books and make it clear how much money they are issuing to people in different parts of the country, the Daily Telegraph reports.
Mr Shorten is keen to introduce a similar system to the one used in the US, which would also highlight banking satisfaction data.
A recent study by Roy Morgan Research showed that Aussies are becoming less content with the services offered by the nation's major banks and are increasingly turning to less established lenders.
The finance minister said he was worried that some home loan providers are ignoring low and middle income households in certain suburbs and are also reluctant to lend to small businesses in less fashionable parts of the country.
"I want to see investment in jobs and capital flowing to successful local enterprise wherever they may be located, not just in suburbs with leafy green streets," he was quoted as saying.
Have a question about home loans? Ask the money gurus at Mozo Answers.