Released 18 September 2012.

This report sets out the findings from our review of early termination fees charged by lenders on residential loans entered into before the commencement, on 1 July 2011, of the prohibition on early termination fees on new residential loans.

This report’s specific focus is on how lenders were complying with their obligations under the National Consumer Credit Protection Act 2009 (National Credit Act), the National Credit Code and the Australian Securities and Investments Commission Act 2001 (ASIC Act), following the release of Regulatory Guide 220 Early termination fees for residential loans: Unconscionable fees and unfair contract terms (RG 220) in November 2010.

Download REP 300 (PDF 376 KB) | View the media release