• Lenders will have to notify customers 60 days before their fixed-rate term ends and provide details of the new rate and possible other options. Before this lenders did not have to remind customers in advance at all.
  • Banks will have to let variable rate mortgage customers know every year whether or not they can move to a cheaper interest rate.
  • On request, all lenders will have to provide an indicative comparison of the total interest payable on the customer’s existing mortgage and the interest payable on the new or alternative rate on offer.
  • Banks will be required to alert customers to the relevant section of the Competition and Consumer Protection Commission website where they can compare prices.

 

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