The government’s blanket ban on exit fees will not stifle competition, wholesale funder Advantedge has claimed.
Brett Halliwell, general manager of lending distribution at Advantedge – recent winner of The Australian Lending Awards Wholesale Funder of the Year Award – said the ban would encourage lenders to be innovative with their products.
Mr Halliwell said the funder is currently looking at innovative ways of restructuring its products so that they pay bonuses to borrowers.
“We hope to roll out our reinvigorated products within the next few months,” Mr Halliwell told The Adviser.
“The refreshed products will ensure mortgage managers remain competitive moving forward into this heavily legislated environment.”
Mr Halliwell said the recent legislative changes had done little to dispel the feeling of optimism in the market, which was a good sign for the future.
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