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Easier now to switch banks and get better mortgage deals.



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Media Release

Mike Kelly MP

Federal Member for Eden-Monaro Parliamentary Secretary for Defence Support

Office of the Hon. Dr Mike Kelly AM MP Member for Eden-Monaro, Shop 16, City Link Plaza, Morisset Street, Queanbeyan NSW 2620

July 22, 2008 08-094

Easier now to switch banks and get better mortgage deals People should now be finding it easier to switch bank accounts and to get better mortgage deals, the Member for Eden-Monaro, Mike Kelly says.

This follows the Federal Government’s Account Switching Package introduced in February which helps people switch their bank transaction accounts and compare mortgage products.

“The banking industry is now implementing a listing and switching service which should be in place by November,” Dr Kelly said. “Interim switching services have already been put in place by many financial institutions, including the big five banks and some regional banks.

“We’re expecting this will mean working families will be able to get the services they want at the lowest possible prices.

“Consumers need to have information about products so they can make comparisons and be able to switch providers easily.”

The package provides comprehensive consumer education resources at its informative switching website: www.understandingmoney.gov.au and a consumer complaints hotline.

Dr Kelly urged residents in Eden-Monaro to use these services where applicable.

The package has resulted in a report released earlier this year on an Australian Securities and Investment Commission (ASIC) led review of entry and exit fees that apply to mortgage accounts.

“That report shows exit fees vary widely and for some products there are no exit fees at all,” Dr Kelly said.

“This is helping consumers reduce exit fees and helping them to compare products and prices to get the best outcome.”

Dr Kelly urged residents in Eden-Monaro to take advantage of the account switching assistance that was now available.

Media inquiries: Terry Bransdon 0488 499 166