A major bank has issued an update about fee removals and waivers across some of its home loan products for new applicants.
NAB has announced it will be waiving the application fee on some of its home loan applications, effective from 1 November.
In an update for brokers, the big four bank said it will be waiving the application fee on new base variable home loan applications, and removing the progressive drawdown fee for building and construction (BICOE) home loans.
The $600 application fee will be waived on all new NAB base variable rate home loan applications lodged from 1 November. This includes refinances and limit increases for existing borrowers. The fee waiver will only apply to new lending.
The offer is available in addition to the refinance or home buying bonus offer, subject to the customer meeting the respective terms and conditions for these offers. To be eligible for the offer, an application must be submitted during the period that the offer is available and then approved, and drawn down within the time period set out in the applicant’s loan offer.
The fee waiver is not available on applications submitted before 1 November.
NAB said it may vary or end this offer at any time without notice.
The bank has also announced it is no longer charging customers the $60 fee for residential building and construction home loan progressive drawdowns.
“Please submit your applications as usual and we’ll remove the fee during processing,” the update said.
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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