The Commonwealth Bank of Australia has become the third major to wipe its mortgage exit fees.
Yesterday, the government’s proposed ban on exit fees became law, forcing Australia’s lenders to rethink their stance on the fees.
The step by CBA matches moves made by NAB and ANZ late last year.
Westpac is now the only major yet to move on exit fees, preferring to stand its ground on the mortgage break-fees.
CBA yesterday told journalists that it decided to remove its exit fees before the new rules came into effect.
“It is fair to say that we have been open about offering competitive products and pricing and we are being proactive,” bank spokesperson Steve Batten said.
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