Westpac removes some fees for customers
Westpac NZ has announced the removal of some fees for its customers.
Friday, September 16th 2022, 8:32AM
by Eric Frykberg
They mainly concern costs relating to the establishment and administration of loans and overdrafts.
Westpac NZ General Manager of Consumer Banking and Wealth Ian Hankins said the removal of the fees would make the whole banking experience easier to manage.
“From today, customers will no longer pay an establishment fee when applying for a home loan, personal loan or overdraft,” Hankins said.
“There will also be no documentation fee for loan top-ups and some fees related to early home loan repayments have also been removed.”
Hankins said the changes would not just help customers, they would also give bank staff more time to talk with customers.
He added the change follows the simplification of a range of other products, with the removal of several other bank charges last year.
It also comes as Westpac reasserts the benefits of its loans for electric vehicles.
Although the interest rate of 6.99% is higher than most mortgage loans, it is far lower than most unsecured loans.
Westpac's EV offer accompanies similar moves by other banks such Kiwibank's green loans.
Other banks have pushed various forms of financial incentives to borrowers.
These and other offerings have been linked to high profitability for banks at a time when tight economic conditions are weakening the demand for loan money.
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