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National Australia Bank’s aggressive advertising campaign is paying dividends for the lender.
National Australia Bank kicked off the war between the major lenders with its Break Up campaign in February, which aimed to show consumers it was not ‘in bed’ with its competitors.
As part of its blitz NAB offered to pay the mortgage exit fees of clients of the Commonwealth Bank and Westpac looking to make the switch.
The head of NAB’s personal bank, Lisa Gray, said the marketing campaign had resulted in a 31 per cent increase in home loan refinance applications from other banks’ customers.
Ms Gray said the advertising campaign proved that sometimes the noisy wheel does get the most grease.
The bank’s strong pickup in activity was further highlighted in NAB’s half yearly results.
Released last week, the results showed strong market gains in both the business and retail bank.
The retail bank grew its mortgage book at 3.4 times the average of the banking sector.