The Government is considering the move to stop banks charging exit fees on their home loans to help increase competition. The recent RBA rate cut of .25%, while the banks either passed on 0.1% or nothing has angered the Government, thus pushing it to consider other options to help those with a home loan.
Some people are confused and think this is referring to those that wish to break their fixed home loan rates, however this is incorrect. Those with fixed interest rate home loans will still be required to pay the break costs should they decide to move banks or change from a fixed to lower variable loan.
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