All Topics / Help Needed! / Mortgage break cost nullification – When?

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of property_avidproperty_avid
    Participant
    @property_avid
    Join Date: 2005
    Post Count: 47

    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

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    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 Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of YossarianYossarian
    Member
    @yossarian
    Join Date: 2006
    Post Count: 136

    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 rate

    Profile photo of property_avidproperty_avid
    Participant
    @property_avid
    Join Date: 2005
    Post Count: 47

    Thank 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

    Profile photo of ksherwellksherwell
    Member
    @ksherwell
    Join Date: 2007
    Post Count: 125

    St George are offering $700
    CBA $1200
    NAB $1000

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

    Richard Taylor | Australia's leading private lender

    Profile photo of ksherwellksherwell
    Member
    @ksherwell
    Join Date: 2007
    Post Count: 125
    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

    Profile photo of ksherwellksherwell
    Member
    @ksherwell
    Join Date: 2007
    Post Count: 125

    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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