Pulled this off yahoo tonight - thought it might be of interest. I think I hear it in the background on sky news being reported as well.
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source: http://au.news.yahoo.com/080103/2/15fez.html
Sunday January 13, 04:49 PM
Govt to make it easier to swap lenders
The federal government will try to reduce the impact of rising home loan interest rates by making it easier for borrowers to switch lenders.
Treasurer Wayne Swan said he was investigating how to shield borrowers from tough fees if they chose to refinance their loans.
He said he wanted to make sure Australia's banking system worked for families, not against them, following the decision by all four major banks to raise variable interest rates independent of action by the Reserve Bank of Australia.
The banks said the rises were necessary in the wake of higher costs associated with the US sub-prime mortgage crisis.
Mr Swan has been critical of the rises, which he labelled excessive, urging borrowers to "vote with their feet".
"If there is an obstacle in the way, where a customer feels they want to change their account, we'll take a look at that," he told reporters in Brisbane.
"I've asked for a report from Treasury and I'll be talking to the banks in a couple of weeks about a range of reforms which make the market more competitive," he said.
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source: http://au.news.yahoo.com/080103/2/15fez.html
Sunday January 13, 04:49 PM
Govt to make it easier to swap lenders
The federal government will try to reduce the impact of rising home loan interest rates by making it easier for borrowers to switch lenders.
Treasurer Wayne Swan said he was investigating how to shield borrowers from tough fees if they chose to refinance their loans.
He said he wanted to make sure Australia's banking system worked for families, not against them, following the decision by all four major banks to raise variable interest rates independent of action by the Reserve Bank of Australia.
The banks said the rises were necessary in the wake of higher costs associated with the US sub-prime mortgage crisis.
Mr Swan has been critical of the rises, which he labelled excessive, urging borrowers to "vote with their feet".
"If there is an obstacle in the way, where a customer feels they want to change their account, we'll take a look at that," he told reporters in Brisbane.
"I've asked for a report from Treasury and I'll be talking to the banks in a couple of weeks about a range of reforms which make the market more competitive," he said.
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