The Gillard Government in Australia announced key reforms to help deal with unfair mortgage exit fees. These reforms will strengthen the hand of Australia's credit regulator, the Australian Securities and Investments Commission (ASIC), to pursue banks over unfair mortgage exit fees. Currently, some banks are using mortgage exit fees to lock customers into their home loans. Exit fees can be so high that there is no incentive to switch to another lender, even if they are offering a substantially lower interest rate.