Dear All,
I have heard about this that mortgage break cost will be nullified to easen the switching to another lender. Do you know when exactly it will happen – along with its online reference?
Thank you for your assistance beforehand.
property_avid | NA
I have heard one bank will pay the loan exit fees on loans with CBA if you bring the loan over to them – possibly NAB.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yep, NAB will fork out $700 to any non-NAB customers refinancing to them (irrespective of where they currently have their home loan).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Worth remembering:
It isn’t retrospective and only applies to new loans from 1 July.
It doesn’t apply to economic loss associated with breaking a fixed rateThank you everyone for your response.
Is there any online resource that this will happen on 1st of July onwards? Yossarian, please clarify further of what you meant by, "It doesn't apply to economic loss associated with breaking a fixed rate"?
property_avid | NA
St George are offering $700
CBA $1200
NAB $1000Kane i think you will find the NAB offer is only $700.
Of course many lenders dont charge an application fee or ongoing fees so they may prove to be more attractive than a mere financial incentive to move.
With regards to the proposed banning of exit fees this has been muted by the Fed Govt however is under opposition from everyone other than the big 4 as it will likely reduce competition and increase other fees, charges and possibly interest rates.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Kane i think you will find the NAB offer is only $700.Of course many lenders dont charge an application fee or ongoing fees so they may prove to be more attractive than a mere financial incentive to move.
With regards to the proposed banning of exit fees this has been muted by the Fed Govt however is under opposition from everyone other than the big 4 as it will likely reduce competition and increase other fees, charges and possibly interest rates.
Cheers
Yours in Finance
Hi Richard,
If you are a referrer, NAB is giving $1000. I will send you the e-mail for notification
Brokers can only give away $700
Here is what the article e-mailed to me by a NAB mobile banker says:-
You may have seen the article in the paper over the weekend discussing NAB targeting CBA and Westpac clients in regards to refinancing and covering exit fee charges.
In order to do this, we have extended our $1000 Cashback offer and will be offering this to any clients who refinance their Home Loan to NAB and apply prior to the 29th April 2011. This offer is capped at $1000 per customer.
This is a fantastic time to discuss refinancing with clients as we are still market leading with interest rates amongst the top 4 banks and have this great offer.
Generally, I can get a refinance through in 4 weeks so this is a quick way to increase your revenue for the quarter.
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