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National Australia Bank has introduced an aggressive new bid for home loan customers, offering to pay customers' costs of switching to the National and waiving the standard application fee. The National - the fastest growing major bank provider of home loans - has begun promoting the offer with advertising on radio and the front pages of metropolitan and national newspapers. The maximum benefit under the offer is $1050 per loan - made up of a $600 saving on the standard home loan application fee plus up to $450 towards switching costs. Under the offer, the National will cover up to $450 in charges by the customer's existing lender and government for, stamping, registration of mortgage/mortgage discharge, settlement and search fees (including any government or other charges). The offer, which is available on most National home loans, does not include penalty "break" costs charged by other lenders and the stamp duty on the mortgage for any additional borrowings from the original amount transferred from other financial institutions. The National's new offer follows the launch of a 4.99% fixed rate home loan campaign in January, which set the benchmark for a new round of fixed rate home loan competition. General Manager, Personal Financial Services, Mr Ken Hodgson, said the switching costs offer would introduce a new element to competition in the home loan market. "We're removing the costs of changing lender, which puts us on the shopping list of thousands of home buyers who normally wouldn't consider making a switch. "The offer is well timed. With the recent reduction in home loan rates to 30-year lows, home buyers are looking around to make sure they get the best of what's available in the market. "We are making it easy for them to switch to the National and benefit from tailoring, which can save $80,000 and eight years on an average home loan." Contact: Majella Allen
Manager Media Relations
Group Corporate Relations
Ph: (03) 8641 0936
Mob: 0410 440 305
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