Kiwibank removes and reduces many home loan fees
Two of the biggest changes are that it has removed its monthly fee on its Offset product, which was previously charged at $10 a month. The two other banks who have Offset products, BNZ and Westpac, stlll charge a monthly fee of $10.
Kiwibank has also reduced its low equity fee from 1.25% of the total loan amount to 0.80*. It charges the fee on loans with an LVR of between 90% and 95%.
It has more than halved the lump sum repayment administration fees from $100 to $40.
Key fees to be removed are the bridging finance fee, which sat at $350 and also the rate fixing fee which was charged at $100.
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