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SCMC reduces mortgage exit fees
Released 5 January 2011

Non-bank lender, State Custodians Mortgage Company, has announced a reduction to its early exit fees on its Standard Variable, Line of Credit, Breathe Easy and all Fixed rate home loans settling after 4 January 2011.

As of yesterday, early exit fees on Standard Variable and Line of Credit loans will reduce to a flat fee of $1,500 in the first four years. The Breathe Easy loan and all Fixed rate home loans will offer a flat fee of $1,800 in the first four years.
"This is a significant milestone for us as a non bank lender," said Heidi Armstrong, director of State Custodians.

"Borrowers will now see that State Custodians Mortgage Company's exit fees are significantly lower that those set by most other non bank lenders.”

Armstrong said the decision to make the changes followed an internal business review we commenced in September last year that showed its discharge rate to be well below industry standards.

“We believe this is because we continue to look after our clients with competitive rates, excellent service and a loyalty bonus rate drop after 5 years."