NAB to continue to pay the Early Exit Fees for Westpac and CBA mortgage customers

National Australia Bank is extending its offer to pay the $700 mortgage early exit fee charged by CBA and Westpac to their customers who want to switch their mortgages to NAB’s lower standard variable home loan rate.

Lisa Gray Group Executive, Personal Banking said that NAB has seen a significant increase in the number of CBA and WBC customers that have switched to NAB to access its lower standard variable home loan rate – by 43% and 37% respectively, since NAB broke up with the other banks.

"We’ve also seen over a 70% increase in the number of new mortgage customers to NAB since we broke up with the other banks.

"NAB remains committed to ensuring that all Australians are able to walk down the street and get a better deal – despite some banks, with higher home loans rates, choosing to restrict their customers from accessing these better rates by charging early exit fees," Ms Gray said.

For 22 months, NAB has maintained the lowest SVR of the major banks, and NAB customers are currently $47 a month better off on an average $300k home loan than the customers of the most expensively priced major bank.

Nearly two years ago, NAB abolished monthly account service fees and on its most popular personal transaction accounts. It also abolished some of the most complained about fees across a range of personal and transaction accounts, made credit cards fairer for customers and doubled its ATM network through its alliance with RediATM.

"Our commitment is to be competitive and to have a better relationship with our customers and we believe our track record speaks for itself," Ms Gray said.

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