Steve Fielding (Victoria, Family First Party) Share this | Hansard source

The high exit fees charged by lenders essentially trap customers and restrict them from switching to more competitive loans. This is hardly in the best interests of borrowers and is not good for competition in the long term. Also, we should not be discouraging efficient practices and competitive behaviour; we should be encouraging it. Allowing exit fees to continue to be charged by lenders only provides an incentive for this uncompetitive behaviour to continue. Therefore, I will not be supporting the disallowance motion.