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ISCOVER
Staff Reporter
LJ Hooker has welcomed the government’s exit fee ban.
Speaking to The Adviser, LJ Hooker Finance’s general manager Peter Bromley said the forced removal of DEFs would promote greater competition between lenders.
Mr Bromley said the exit fee ban has generated conversation in market place and helped borrowers understand that there are alternatives lenders to the majors.
“I think the exit fee ban represents a great opportunity for non-bank lenders like ourselves,” Mr Bromley said.
“Twelve months ago customers were asking whether or not there was an application fee, today they are asking whether or not there is an exit fee. From a media perspective, customers have been very well educated on this matter, they are talking about it and talking about their options. So, in this respect, I think it will enhance competition.”
Earlier this week, LJ Hooker announced that it would act before the government deadline and remove the DEF from its classic home loan.
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