News and Media

10 January 2012

People looking for a home loan will find it easier to compare different banks' offers thanks to a recent change to regulations.

From January 1 all lenders have to give mortgage information on a standard one-page key facts sheet.

The fact sheets will have to show the total cost of the loan, interest and fees.

The sheets break this amount down into the how much will have to be repaid for every $1 borrowed.

This means consumers can more easily compare the relative cost of a mortgage from a credit union with one from a big bank.