Making the decision to switch lenders can be a hard decision to make. The other lender may offer you a better deal financially, however switching lenders can also be costly, making the switch not as financially rewarding. Normally, the customer would pay the fees associated with switching lenders, which would need to be factored in when deciding feasibility.
For customers who face significant barriers to switching their banking to another lender due to the associated costs, one lender has now introduced a reimbursement program to make switching your finances much more cost-effective to enable you to access more competitive rates.
The costs that you will be reimbursed for include fixed rate break costs, panel valuation costs, and other fees involved in switching lenders. The lender will offer reimbursements including:
- Up to $5,000 for loans under $1million
- Up to $20,000 for loans of $1million to $10million
- Negotiable amount for loans greater or equal to $10million
To qualify for this reimbursement scheme, customers must have a business lending product drawn and a transactional account opened with the new lender.
To find out if you qualify for this reimbursement scheme or would like to find out more about switching lenders, please contact one of our finance brokers who will assist with putting you in touch with the lender to possibly save you thousands in switching fees.