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Exit Fees Banned

July 1, 2011 | Comment 0

Starting today, Loan exit fees are banned. This includes low doc loans. This new measure has been designed by government to make home loans more competitive.. “Part 7-2A ‘Prohibited credit fees and charges’ of the National Consumer Credit Protection Amendment Regulations 2011 (No. 2) prohibits charging customers termination fees if a credit contract is entered into on or after 1 July...Read more.

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