The government will require banks to give customers more information about deposit rates and will streamline the process for switching mortgages in a bid to get better deals.The government has a broad agenda of competition-focused reforms, but timelines are unclear.
That was also causing many to miss out on better value, although that finding was based on 2019 information and might be slightly different in today's context of higher interest rates.On Friday evening, Treasurer Jim Chalmers announced the government would cover off on several of the ACCC's recommendations.
The government has promised to "work with banks" on further customer measures and has flagged "potential" industry standards which could potentially cover off on these or other consumer-friendly measures, but it has not suggested a timeline for this.On the home loans front, the main change is making it easier to access the forms needed to exit a mortgage.
Mr Chalmers said the changes would "make it easier for customers to find the best deals and switch to them."The government has also announced a review of how small- and medium-sized banks could be helped to get a foothold and compete with the big four banks. The government announced a plan for merger reform earlier this year that would require mergers above a certain threshold to be disclosed.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: smh - 🏆 6. / 80 Read more »