The Treasurer has announced the introduction of a mandatory one-page fact sheet to help consumers understand the costs and benefits of lenders’ mortgage insurance when they take out a home loan.

The aim is to allow consumers to compare quotes side-by-side, including the difference in premiums and rebate schedules.

Treasury has advised against the introduction of a scheme to allow the transfer of lenders’ mortgage insurance between lenders because it would be expensive, extremely complex to implement and administer, and would likely benefit less than 1 per cent of all borrowers.