Senate votes on exit fees today

The fate of regulations banning exit fees on home loans from the beginning of July will hang on a vote expected in the Senate today, with the vote of independent senator Steve Fielding either not known or not publicised as of late yesterday.

Coalition senators and the second independent senator, Nick Xenophon, have said they will support a motion to overturn the regulations. One more vote is needed to defeat the proposed ban.

The Australian, meanwhile, reports that Senator Xenophon also plans to table today a replacement bill that would apply a ban on exit fees to the big four banks only, while also requiring all lenders to ensure their service charges are fair.