Following on from the Interest rate rise announcement last week and the additional increases made by all of the major Banks, there is also now some interesting moves by them all on exit fees and other incentives.
1 of them have reduced switching fees for existing customers to $0 and another 2 have scrapped exit costs otherwise known as Deferred Establishment Fees (DEF’s).
There have also been zero loan application fees’ announced and 1 is offering $1,000 fee rebate for people switching to them.
One of the most notable moves from 2 of the big lenders is a very large discount on their 3 year fixed rate mortgages.
My thoughts on this are, do not rush into anything with your existing Bank just yet, there are now some smaller well respected lenders offering some very good deals so before rushing into a new deal with your existing lender check out what is on offer elsewhere especially since the exit fees could be removed.
I also think that these smaller lenders will over the next week or so announce similar incentives to bring in new business. Interesting times ahead I believe and a good chance to snatch a good deal. J