As the Reserve Bank announced a temporary freeze on rate rises on Friday, the NAB informed its managers via email that it will reimburse home owners the average $700 penalty they are slugged when they desert Westpac and the Commonwealth Bank.
The move looms as the most dramatic shake-up to the market in years and follows the Commonwealth Bank's vow this week to fight back in the home loan sector after losing pace over the past year.
An email sent to NAB managers late on Friday, and seen by News Ltd, reveals the bank's plan for the aggressive campaign.
ANZ and NAB have both scrapped mortgage exit fees - the charges forced upon customers who switch mortgage to another lender in the first four years of their loan term.
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