- Ban exit fees on new home loans — tough new laws to further strengthen existing mortgage exit fee reforms by banning exit fees outright on new home loans from 1 July 2011.
- Boost consumer flexibility to transfer deposits and mortgages — appoint former Reserve Bank of Australia (RBA) Governor Bernie Fraser to conduct a comprehensive feasibility study into technological options, the potential timeline and processes for implementing full account number portability.
- Further enhance the capacity of Australian home borrowers to move their mortgages by accelerating the Treasury’s development of potential frameworks to transfer Lenders Mortgage Insurance and introduce a central registry for mortgages.
- Introduce mandatory key facts sheet for new home loan customers — mandate that lenders provide potential borrowers with a simple one-page ‘key facts sheet’ showing how much they will pay every month and over the life of their loan, and where they can shop around so they can compare lenders side by side.
- Empower Australian Competition and Consumer Commission (ACCC) to prosecute anti-competitive price signalling —new laws to prevent banks from engaging in anti‑competitive price signalling that is designed to keep interest rates higher than they would otherwise be.
- Fast-track legislation to get a better deal for Australians with credit cards — build on new national responsible lending reforms by cracking down on unfair treatment of credit card holders.
- Launch community awareness and education campaign empowering consumers to Bank on a Better Deal — national campaign to build understanding about the savings borrowers can make by walking down the road to get a better deal.
- Taskforce with RBA to monitor and enhance ATM competition reforms — Treasury to establish a taskforce with the RBA to take further action if required to enhance current reforms to boost competition and transparency on ATM fees.