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Major bank offers fee waiver for first year mortgages

by Reporter4 minute read
Major bank offers fee waiver for first year mortgages

A big four bank has announced that brokers will be able to offer customers a $395 fee waiver for the first year of a new mortgage, as part of a new initiative.

NAB has said that brokers will be able to continue to offer their customers $1,500 cash back on NAB home loan products (available for applications submitted by 28 Feb 2017), and as part of a new initiative, will also be able to offer a $395 fee waiver for the first year of a NAB Choice Package.

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For a limited time, NAB customers who apply for an eligible NAB Home Loan (of $250,000 or more) and Banking Bundle could be eligible for a $1,500 cash back offer. This offer is available on the following products:

  • NAB Base Variable Rate Home Loan
  • NAB Tailored Home Loan
  • NAB Interest Only in Advance
  • NAB Choice Package.

The fee waiver is only available to customers for the first year of a new NAB Choice Package. The fee waiver offer is available immediately.

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Speaking of the offer, NAB general manager of broker distribution, Steve Kane, said: “Last year, we made our retail home loan products available to brokers, and we’re kicking off 2017 with great offers to further enhance the broker-customer experience.

Through these enhancements, we are empowering brokers with a compelling offer for their customers,” Mr Kane said.

“We look forward to launching more initiatives throughout the year, to help brokers grow their business and build strong relationships with their customers.”

Mr Kane concluded: “NAB absolutely supports brokers and their customers, and these offers reflect our commitment to the broker channel.”

The major bank said that it will also provide a "strengthened" offer for small business, which will be launched in the near future.

[Related: Brokers write $5bn more for major bank]

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