NAB executive Lisa Gray has voiced support for the government's ban on home loan exit fees.
National Australia Bank (NAB) has lent its support to government plans to scrap exit fees on home loans, claiming the move will have benefits for consumers and financial firms alike.
Speaking to the International Business Times, NAB personal banking executive Lisa Gray pointed out that the group had already scrapped its own home loan charges towards the end of last year.
"We abolished mortgage early exit fees for existing and new customers in December. We call on all the other banks to do the same," she explained. "What's good for our customers is good for our business."
Ms Gray played down concern that outlawing exit fees outright could damage competition in the sector and said the reform would give customers greater purchasing power, forcing providers to do battle with one another.
Earlier in the week, Mortgage Finance Association of Australia chief executive Phil Naylor told the Australian that non-bank lenders were likely to suffer most as a result of the new legislation.
By Kate Guthrie
