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Non-banks positive about exit fee ban

by Staff Reporter8 minute read

Staff Reporter

Despite industry concern over the impact the ban on exit fees will have on competition, non-banks are claiming the new legislation will create a level playing field among all lenders.

Exit fees will be officially banned next week after an attempt to overturn the measure failed in Senate.

“We are very optimistic about things from July,” Mortgage Ezy head of sales and marketing Chris Wisbey told The Adviser.


“It would have been nice to have a win on reversing the ban, but the reality is that we had already geared our business towards a world where no DEFs existed.”

Mr Wisbey said the ban will create a level playing field among lenders.

“We’re very comfortable with that position and we think we’ve got a real match winner on.”

The non-banks have been known for their innovation and willingness to adapt to industry and legislative changes over the years, Sintex general manager Cathy Dimarchos said.

“It’s about finding another way of doing things and making sure that the service to the client is of the upmost importance,” she said.

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