• racha
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My son would like to refinance his home but has been told that although there is no exit fee there is now another fee which is equal to that former fee. He is with Suncorp and has been to Credit Union Australia to compare the advantages of changing his ho

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  • Peter Marshall
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  • Hi Racha,


    There are a couple of things that could be resulting in the exit fee
    being discussed.

    If the loan is on a fixed rate there will be a fixed
    rate break fee which the lenders use to recover the money they would
    lose by the fixed rate contract not being fulfilled. depending on the rate and term that could add up to quite a bit.

    Other than that the only fee that should apply is a $250 exit fee that wouldn't be much compared with the potential savings with a cheaper loan rate.

    If there's another fee Mozo would love to know about it!!

  • Answered by Peter Marshall (over 2 years ago)
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  • Hi Racha

    That sounds odd that Suncorp would introduce a new fee to replace the exit fee. If it's something that wasn't in the original contract they can't do it without letting your son know about it.

    Can you find out exactly what the fee is?
  • Answered by David Bryde (over 2 years ago)
    • Thank you for your input. He is not on a fixed loan with Suncorp and I beleive that the fee is $1000 but I will know more after he has his next appointment with the bank.
    • Comment by racha (over 2 years ago)
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