The ban on bank exit fees, which may be recorded on a contract as deferred establishment or early repayment fees, applies only to all new home loans taken out after 1 July 2011. Some home loans already do not have them and some lenders have made the ban retrospective.
Think carefully before making any moves.
Ensure that you as the consumer understand the exit fee ban applies only to new home loans taken out after 1 July, not existing loans, and that there are still other switching costs and home loan aspects that must be considered.
Educate yourself as the borrower about what it means for you as satisfaction with your home loan commitment comes after making a well informed decision
No comments:
Post a Comment