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Resi Mortgage Corp has lobbied the Federal Government for the inclusion of a dedicated consumer education program as part of the industry’s new lending regulation.
Lisa Montgomery, Resi’s head of consumer advocacy said consumer education of how non-banks help maintain low interest rates was essential.
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“Without the benefit of being informed about what will happen to their rates if competition ceases to exist, many are unaware that the choices they are making now will have potentially detrimental effects in the future,” she said.
Ms Montgomery said such an education program should provide information to the market and consumers about the characteristics of the bank and non-bank sectors.
Published 18-07-08
