VIC:NAB move "nail in coffin" of exit fees

AAP General News (Australia)
02-12-2011
VIC:NAB move "nail in coffin" of exit fees

Consumer group Choice says a pledge by the National Australia Bank to pay the mortgage
exit fees of its two biggest rivals could be the nail in the coffin of exit fees.

NAB has vowed to reimburse 700 dollars to customers who switch to them from Westpac
or the Commonwealth Bank.

Choice spokesman CHRISTOPHER ZINN says the move throws fat on the fire on the issue
of competition between banks.

However he's urged customers to do the numbers before switching their home loan ..

to ensure any move will save money in the long term.

Mr ZINN says while the allure of not having to pay a 700 exit fee is attractive ..

it could lock customers into a more expensive contract.

AAP RTV md/sw/

KEYWORD: FEES (MELBOURNE)

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