Banks could miss home loan fact sheet deadline

Friday, November 25th, 2011 - Business Gallery

Banks could miss home loan fact sheet deadlineBanks could miss home loan

THE requirement for banks to publish home loan “answer fact sheets” by September could produce unpunctual thanks to they are struggling to conformed the oversight – imposed deadline. Banks could miss home loan

As division of Treasurer Wayne Swan ‘ s banking reforms, lenders longing let have prepatent customers one – page documents that set out the costs of a loan in a consistent format that allows them to compare rival deals.

Banks have strongly opposed the planned changes, arguing polished is ample information available for consumers to lead to comparisons on loans and credit cards. They hold described the September layoff as quixotic. “We don ‘ t surmise we importance reconciled that September 1 deadline. Not leading in that the regulations we use to accede blot out church’t been produced somewhere, “Australian Bankers Association chief executive Steven Munchenberg told a Crash pad of Representatives standing committee on economics justice yesterday.

Banks could miss home loan

It just seems in the 21st century we find it strange to be handing out sheets and sheets of paper.  Banks could miss home loan

Banks say they need more time to adapt their internal systems for the fact sheets.

Treasury officials told the hearing the September deadline was “ambitious”, and they sympathised with banks ‘ concerns over the tight time frame.

Yes, there is some sympathy and we’ve put this back to the government to consider how this might be adjusted, said Geoff Miller, a principal adviser from the Treasury’s markets group.

The committee will soon report back to the government with any recommendations for change to the legislation. Banks could miss home loan

After consultation with industry, Treasury indicated that some lenders could be ready by January, but others might take longer.

But even this was “not achievable”, Mr Munchenberg said. Much of the problem had to do with upgrading bank IT systems. Banks could miss home loan

Instead, the ABA called for mortgage fact sheets to be introduced alongside credit card fact sheets in July. Banks could miss home loan

Banks could miss home loan fact sheet deadline | twinqu | 4.5