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ISCOVER
Staff Reporter
NAB’s cash incentive to lure borrowers away from CBA and Westpac will not be available through its broker channel.
Over the weekend NAB announced it would pay the $700 exit fee charged by the customers of Westpac and Commonwealth Bank of Australia if they shifted their mortgage to the lender.
However, yesterday a spokesperson for the lender told The Adviser that the bank would not pay $700 to the customers brought in through the broker channel.
Moreover, Homeside will continue to charge exit fees on some of its products.
Speaking to The Australian Financial Review, Lisa Gray, group executive of NAB’s personal division, said it was fair to charge exit fees on Homeside products, because the two channels were run differently and separately from one another.
“We have different types of products, different branding. We manage the two books in a way that makes commercial sense for the different channels,” Ms Gray told the paper.
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