HOMEBUYERS battling unfair interest rate rises could soon be able to walk out on their greedy banks without having to pay crippling exit fees.
The Federal Government is looking at banning exit fees - which can cost more than $1000 - to stop the interest rate rip-off that has enraged Australia.
Treasurer Wayne Swan is preparing to unleash a new wave of banking reforms, with the mortgage exit fee bans to be considered by Cabinet within weeks.
Banking insiders say the Commonwealth Bank's brazen rate rise - almost twice that announced by the RBA yesterday - has given the Government no choice but to act.
"The banks should not underestimate for one moment the determination of this Government to put in place a range of reforms which will make the system more competitive," an angry Mr Swan said.
A clamp on exit fees would be among a series of penalties on the big banks, which have reported a combined cash profit for the last financial year of $21.7 billion.
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http://www.news.com.au/money/banking/wayne-swan-to-kill-off-exit-fees/story-e6frfmcr-1225947548511#ixzz14GO3aisj 