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The MFAA has welcomed a report by the House of Representatives Economics Committee on competition in the banking and non-banking sectors which it says will help consumers make more informed decisions about their choice of mortgage.
The Inquiry has recommended that the Government continue to monitor the liquidity of the mortgage markets and try new approaches to ensuring availability of funds.
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It is hoped a revitalised RMBS market will help to restore competition to the sector.
The inquiry also calls for greater transparency in entry and exit fees which Phil Naylor, CEO of the MFAA says “will clearly benefit consumers trying to isolate a loan that is right for them”.
The report calls for the Government to make it compulsory for all credit providers to be a member of an external dispute resolution scheme approved by the Australian Securities and Investments Commission is a recommendation strongly endorsed by the MFAA.
“All MFAA’s members belong to an ASIC-approved external disputes resolution scheme as a requirement of their membership. Extending this requirement to all mortgage providers is central to eliminating predatory lenders and rogue operators that still exist on the fringe of the industry,” said Mr Naylor.
