Record Bank Fees Can Be Avoided

Date: 19/05/2004

In the wake of yesterday's announcement that bank charges have surged 15% in the last 12 months, Mortgage House of Australia Managing Director Ken Sayer said consumers can take steps to dramatically reduce their bank fees and home loan interest costs.

"There is no doubt that the major banks are ramping up their charges and this is hurting the hip pocket of all Australians. What consumers can do is take advantage of new home loan products that will dramatically cut the loan fees and home loan interest charges that they pay," said Mr Sayer.

"People with home loans should look to converting to all-in-one style home loans that allow them to wrap up much of their banking and financial activity in one home loan product and also keep all their debt at home-loan level rates."

"This can lead to a dramatic reduction in total home loan financing costs and totally avoid many charges that banks hit consumers with."

"Amongst our fastest growing home loan products are our Equity Gold and Combo Freedom home loans. These are all-in-one home loan products that let people take advantage of the equity in their home to bundle up all of their personal debt at home loan rates. These packages also offer a raft of free transactions such as no ongoing monthly or annual account keeping fees, unlimited free ATM and eftpos access, unlimited free B-PAY, unlimited free redraws and unlimited free deposits on variable home loans," said Mr Sayer

"Clearly consumers do have a choice about being burdened by the growing cost of dealing with banks. These are real, secure alternatives that offer substantial savings that can people survive rising home loan interest rates." Issued for Mortgage House Home loans by Wilkinson Media, 8969 6255