Key Fact Sheet– Now Banks Have to Reveal All Upfront

| February 25, 2012

New loan info sheet (KFS) regulation makes bank reveal all for loans & mortgages

The key fact sheet ( or KFS) has just been introduced by the government  since 1 Jan 2011  , making it better for  consumers to  make a better choice  while choosing their new home or investment loans. This has been brought into action by amending the National Consumer Credit Protection Act 2009 (including the National Credit Code) to give effect to the Government’s Fairer, Simpler Banking policy. This policy makes it a requirement for lenders to give borrowers a Key Facts Sheet for home loans and a Key Fact Sheet when they apply for a credit card.

key fact sheet and fido loans credit cards

Some banks have requested staff to provide this only on request and this document can be requested by the consumer which sets out the details of the loan in simple understandable english  and not lawyer speak. The details of this regulation can be found on the treasury government website over here and you can also find a sample Key fact sheet (KFS) for home loans or investment loans over here.

Strangely enough Commbank has this on their key fact Info sheet  “Key fact sheet pdf file”
Note: You should only provide the Key Fact Sheet when requested by the customer and not
in all instance

Interestingly  the paragraph below “There may be better deals available. Ensure that you obtain Key Facts sheets like this one from other home loan providers to compare this mortgage with deals from other lenders.”  supported by the listing of the commercial websites  as noted below helping  to promote these websites,  who get a commercial benefit again from promoting the banks

This sheet below will definitely help you decide  which loan  or credit card is the best and take the guesswork out of the game

australian key fact sheet loans

For more information about home loans visit the ASIC financial tips website: www.fido.gov.au.
For information on other lenders and their products(commercial websites)  —>, Visit: betterbanking.choice.com.au, www.canstar.com.au, www.infochoice.com.au, www.ratecity.com.au or www.mozo.com.au.    

Strangely enough “commercial related websites  is also included in the sample sheet, which includes the web address of not only the government body FIDO by ASIC  but also  profit making commercial  entities  that also do research like ratecity.com.au  and mozo.com.au”

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Category: 2012, Australia, Banks, Comparison, Government, Lending criteria, Tips Home loans

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