Exit fee ban good for customers, good for business

National Australia Bank will continue to stand up for customers by continuing to waive the mortgage early exit fee, because what is good for customers is good for business, NAB Group Executive Personal Banking Lisa Gray said today.

A motion was introduced to the Australian Senate yesterday to disallow new mortgage exit fee regulations. The regulations would ban mortgage early exit fees across the industry. NAB abolished mortgage early exit fees for all customers in late 2010.

“At NAB, we abolished mortgage early exit fees for existing and new customers in December. We call on all the other banks to do the same,” Ms Gray said.

“Of all the major banks, NAB has done the most to drive competition in the Australian banking industry, to give Australians a better deal.

“As well as abolishing mortgage early exit fees in December, we have been offering Australians the lowest standard variable home loan rate of the major banks for two years this month. At NAB we know what’s good for our customers, is good for our business,” Ms Gray said.

Ms Gray said abolishing mortgage early exit fees was good for competition and gave bank customers looking for a fairer deal on their home loan more power to walk down the road and get a better rate.

NAB customers continue to save up to $47 a month on an average $300,000 variable rate home loan compared to the other major banks.

Media contacts: Sharon Keller - +61 (0) 420 598 994 Meaghan Telford - : +61 (0) 457 551 211