Clarification: application fees
An article in the July 8 issue of Banking Day made reference to a number of lenders that had introduced or increased application fees in response to the exit fee ban. Three of those references require correction or clarification.Credit Union SA was reported to have increased a settlement fee. That fee is a South Australia Government charge for registering a mortgage.B&E was reported to have introduced a $650 application fee. B&E said it has charged an application fee for many years; it dropped the fee in a special offer between February and June and reintroduced it after June 30. It said its decisions in relation to the application fee had nothing to do with the exit fee ban.ME Bank said its upfront charges are more correctly described as a $150 solicitor's fee and a $150 valuation fee, which is not charged in all cases.