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Non-bank abolishes DEFs

by Staff Reporter8 minute read
The Adviser

Staff Reporter

National Finance Club will pre-empt government action on exit fees and abolish its deferred establishment fees from next week.

The mortgage manager has overhauled its loan offering, not only waiving exit fees but also changing its rates and fee structure to deliver better value to its clients.

NFC general manager Andrew Clouston said competition among financial institutions had become fiercer during the past few months, and product reviews were essential to ensure the lender’s offering was one step ahead of those of its competitors.

“The recent ‘bank wars’ have put pressure on all other financial institutions to follow suit and reduce the cost of borrowing for customers,” Mr Clouston said.

“While the banks are battling each other, non-banks also need to lift their game to keep their slice of the market pie.

“Along with more competitive interest rates starting at 6.99 per cent, no upfront fees for the client and now no exit fees, NFC is consolidating its position as the leading non-bank lender in the market, offering maximum value to clients.”

The lender’s changes will apply to all loans lodged with NFC from Monday, 4 April.

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