Key fact sheets for home loans deadline 'may be extended'

Thursday 26 May 2011

Article by Mozo

Following the voicing of concerns over the tight deadline for the release of key facts sheets about home loans, banks may be given more time to complete the documents.

Deadline for home loans fact sheets 'may be extended'

Geoff Miller, a principal adviser from the Treasury Markets Group, said there was "some sympathy" with the country's financial institutions and that the government has been asked to reconsider the timeframe.

His comments come after Steven Munchenberg, chief executive of the Australian Bankers' Association, said it was difficult for banks to release the documents on September 1st as they are required to do because some regulations they need to comply with have not yet been produced.

The aim of the fact sheets is to provide Aussie consumers with a clear outline of the interest rates and fees they will have to pay should they take out a mortgage.

Another measure the government is considering to help Aussies with getting finance for a property purchase is a ban on exit fees, which may make it easier for consumers to compare home loans and switch their provider.

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