Only five per cent of Australians switched banks last year, despite reforms to make the process simpler. If you’re unhappy with your bank, mortgage lender or credit card provider, now is the time to make the move.
New reforms have been rolled out over the last year to make changing banks, mortgage lenders and credit card providers easier. But can these changes work to your advantage?
- Exit fees banned on mortgages taken out after 1 July 2011.
- Home loan fact sheets to make comparing offers easier.
- Authority form to give permission for your new bank to get details of credits and debits from your old transaction account.
Credit card providers
- Over limits fees banned unless otherwise agreed.
- Nominated credit limit.
- Statements to detail how long it will take to pay off your balance when making minimum repayments.
To find out more about the banking reforms and what they mean for you, visit bankingreforms.gov.au.