Govt to pursue bank on exit fees

Since July it has been illegal for a bank to charge a mortgage exit fee any higher than needed to cover its costs.

But until now no banks have been taken to court because the Australian Securities and Investments Commission has been preparing what it calls ''regulatory guidance'' detailing what it will regard as unfair.

You’re out of free articles for this month

Log in Sign up

To continue reading the rest of this article, please log in.

Username or Email

Password Forgot password?

Keep me signed in on this device.

If you check this box before you log in, you won’t have to log back into the website next time you return, even if you close your browser and come back later.

If you check the box above before you log in, you won’t have to log back into the website next time you return, even if you close your browser and come back later.

---

or

---

Login with a Passkey

Speaking to Channel 9, Prime Minister Julia Gillard said the guidelines would be a further step towards increasing competition and cracking down on the fees that are “crippling many Australians”.

Tags:

• Latest

Share