Key Facts Sheets
As many members would be aware, in December 2010 the Federal Treasurer, Hon Wayne Swan MP, announced a banking reform package aimed at educating the community that smaller financial institutions such as Queenslanders are a safe and competitive alternative to the big banks. The first of these reforms, a ban on mortgage exit fees for new loans, came into place on 1 July 2011.
The next significant change under the banking reforms will make it compulsory for all lenders to provide consumers with a fact sheet for standard home loans on their website and on request.
Known as a Home Loan Key Fact Sheet, this document will make it easier to compare home loans offered by different lenders as the information contained in each document must be the same and must be presented with the same layout at any institution you may be thinking about borrowing from. The change addresses one of the main concerns of consumers shopping around for a mortgage –that it is often hard to directly compare home loan products due to the different presentation styles and terminology used by various lenders.
Queenslanders is proud of our competitive range of home loans and, as a community owned financial institution, have always been committed to providing our members with quality, easy to understand advice regarding all our products and services.
As such we welcome the reforms and encourage any members with a home loan at another lender to use the new fact sheets to compare your existing loan to those that are available through Queenslanders. We think you’ll be pleasantly surprised!
Click on the button below to generate a key facts sheet for your chosen home loan product. As always, if you have any questions feel free to call us on 1800 QLDERS.