News Australia

The issue of exit fees in loans is not new to lenders and brokers. The Australian Securities & Investments Commission spent most of 2010 devising and perfecting a regime that would control the use of exit fees in lending. This regime came together in November 2010 and was known as the exit fee guidelines, which [...]

Keep Exit Fees – Keeping exit fees is good for Australian consumers, MFAA CEO Phil Naylor explains why. Watch the video now.

Following months of public hearings and a flood of submissions by industry stakeholders, the Senate inquiry into banking has submitted its report. The report has expressed concern over the unilateral banning of exit fees, predicting consumers will bear greater up-front costs as a result. It has recommended that the Government reconsider its decision to ban [...]

MFAA CEO Phil Naylor speaking on behalf of Mortgage Brokers and Non Bank Lenders who are un-happy with the Federal Treasurer’s plans on banning exit fees.
MFAA CEO Phil Naylor speaking with Ross Greenwood

Homeowners can breathe a sigh of relief as the Reserve Bank today announced it will keep interest rates on hold for another month The RBA made the decision to keep the cash rate at 4.75 percent after a slowing economy saw an underlying inflation rate of just 2.4 percent, well within the target band. The [...]

Industry submissions to Treasury have continued to flood in, slamming the government’s plan to abolish exit fees on home loans. The proposed change to NCCP regulations would unilaterally ban any fee payable at the time of repayments, other than fixed rate break costs and administrative discharge fees. In submissions to Treasury, industry groups such as [...]

The Greens will today release a proposal that would introduce a new profit tax for Australia’s four largest banks intended to help finance federal government aid using funds from the banks, according to a report by the Australian Financial Review. The Greens will release their proposal at an Australian Bankers’ Association forum in Sydney, making [...]

Most economists believe interest rates will remain on hold when the Reserve Bank meets today for the first time since the sharp fall in economic growth. The official rate is expected to remain at 4.75 per cent, despite the RBA issuing several warnings that rates will soon rise. It is the first time the bank [...]

The government’s change to mortgage regulations is supposed to boost competition in the mortgage market. Given that this is a $1.2 trillion market, and housing forms the largest asset class for most Australians, improving competition in mortgages is a good idea. However, we should define ‘competition’, or at very least, what constitutes ‘good’ competition. For [...]

When a large bank doubled the official interest rate rise on Melbourne Cup day last year, and passed it on to its mortgage borrowers, the media reacted aggressively. In the aftermath of the bank’s double rate rise, Treasurer Wayne Sawn announced some good initiatives to ensure that there was competition in the mortgage market: a [...]