Non bank axes exit fees

National Finance Club will abolish its deferred establishment fees from next week. 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.

Source: The Advisor