Many Australia and New Zealand Banking Group (ASX:ANZ) customers have abandoned the bank since it ditched mortgage exit fees, according to The Australian Financial Review.
Both ANZ and National Australia Bank Ltd (ASX:NAB) scrapped their mortgage exit fees last year, a move that was followed by the government banning the charges.
The paper reports that ANZ has told federal Treasury officials that many of its customers have since left to go to other banks.
The admission gives fuel to Treasurer Wayne Swan’s banking reforms, with the AFR reporting that Treasury is also considering imposing a super profits tax on banks.
ANZ’s standard mortgage rate is 7.8 per cent, coming in higher than National Australia Bank’s rate of 7.67 per cent.
ANZ generated a $4.5 billion net profit in the 2010 financial year.
NAB Price at posting:
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