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Average mortgage exit fee is $1500

02/07/2010

The average early exit fee for all lenders in year one of a mortgage contract is $1582. The range is wide – $250 for Bendigo Bank and $11,290 for BEAT Home Loans. Others charging high fees are Opportune Home Loans, with a $6950 fee in year one; Reduce Home Loans ($5400); AMP Banking ($4350); New Loan ($4100); Rams ($3925); and Homestar ($3900). Most early exit fees reduce over time, so that in year five of the mortgage contract the average for all lenders is $590.

Source: BankingDay



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