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NAB U-turn on switching fee

Staff Reporter 3 minute read

Jessica Darnbrough

NAB has moved quickly to include brokers in its high profile $700 switching incentive campaign.

Earlier this week, NAB told The Adviser that the cash incentive would not be available through its broker channel.

However, the lender has since clarified its position to include brokers that introduce customers to the bank through NAB Loan Writing Solutions.

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The switching incentive is not the only improvement NAB has made to its broker proposition. This morning, NAB Broker announced it would waive the $600 application fee paid by new borrowers refinancing to Homeside.

The offer, which will run until the end of April, is available on the lender’s entire Homeside range of products.

John Flavell, general manager NAB Broker Distribution, said it was clear that Homeside remains a very compelling solution for brokers and their clients.

“Our innovative ‘price for risk' structure has provided brokers with a sustainable competitive advantage since it was launched in October 2009,” he said.

“Homeside continues to offer the market leading rate of 6.90 per cent for loans over $250,000 and with an LVR under 75 per cent. The commission structure, which includes a ramped trail commission of up to 35bps, also provides brokers with competitive remuneration and helps them to build their business value over time,” Mr Flavell said.

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