Exit fee regulations vulnerable in Senate

The last-minute effort by sections of the mortgage finance sector to overturn regulations banning exit fees from July may be on the verge of achieving its goal.

Nick Xenophon, an independent senator for South Australia, told Fairfax newspapers on Monday that he will vote with the Coalition to reverse the ban. The Coalition plans to introduce a motion in the Senate today on the issue.

A vote in the Senate to overturn the regulations requires one more vote.

Assuming the Greens side with the Labor Party this will have to be that of Steve Fielding, who is in his last three weeks as a member of parliament (and who has two weeks of Senate sittings remaining).

Senator Fielding's position on exit fees remains unclear.