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The government-introduced ban on exit fees for all National Credit Code loans came into force today.
Meanwhile, as the industry enters a new era Advantedge has reaffirmed its support for mortgage managers and loan originators.
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Advantedge removed early repayment fees from its home brand products offered via aggregation groups Choice, PLAN and FAST months before the July 1 ban.
The broking industry sought guidance from Advantedge and watched closely how it would react to the exit fee ban, Advantedge’s general manager, lending distribution, Brett Halliwell said.
“We’ve worked hard to engage our mortgage manager and home brand distribution partners to give assurances over our commitment to the market and how they can ensure sustainable growth,” he said.
“There’s little doubt that the government decision to ban exit fees has shaken up the industry,” Mr Halliwell said, “but for us, it’s business as usual and we’ve already implemented a number of market-leading programs to support the growth of this channel.”
Echoing Advantedge’s sentiment, Homeloans’ general manager, third party sales, Tony Carn has called on the broking community to put negativity behind them and start focusing on the benefits the ban can bring for their businesses and clients.
“The autopsy continues to be performed on this legislative change, but despite many last ditch efforts to overturn the ban, we have to accept it’s now law and we need to look ahead,” he said.
“Now, with the ban a reality, we need to think of this as a positive and to see how it will help enhance rather than destroy competition.
