Mortgage Exit Fees

Mortgage exit fees are the fees that banks and non-banks can charge borrowers who want to terminate or exit from their mortgage. The reasons why a person may want to exit their mortgage will vary but most commonly it is due to the borrower finding mortgage with a lower interest rate with a competitor and therefore they wish to payout and exit their current mortgage.

The mortgage exit fees that a lender will charge differ according to the mortgage lenders, the outstanding balance and how long the borrower has had the loan for.

From July 1, 2010 the Australian Securities Investment Commission (ASIC) announced that they have tighten the regulations on lenders who charge exit fees and will take action against any lender charging mortgage exit fees labeled unfair.

The table below lists 1 year fixed rate home loans, or compare home loans online via our home loans page.