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TSB makes big rate cuts; Bank profits drop 20%

This morning TSB has made some significant cuts to its home loan lineup. Its 18 month special falls by 30 basis points, and its six-month home loan drops by 40 basis points. See the latest rates here.

With record-low rates and Covid-19 to contend with, bank profits are taking a big hit this year. KPMG's latest report shows profits fell by 20% in the first quarter: [READ ON]

 

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Kiwibank removes and reduces many home loan fees

Kiwibank has quietly made a whole raft of changes to its home loan fees including the removal totally of 10 fees.

Wednesday, June 17th 2015, 11:00AM

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.

A bank spokesman says Kiwibank has "completed a full review of our home loan fees and simplified when and how we charge them".

"During this process we have taken on board customer feedback about some of the fees we charge."

The new fees came into effect on June 11.

Fee type Current Fee New Fee 
Bridging finance fee $350 Nil
Mortgage priority change fee $100 Nil
Multi-borrower fee $100 Nil
Rate fixing fee $100 Nil
Redocumentation fee $100 Nil
Repayment holiday fee $75 Nil
E-value fee $50 Nil
Registration or discharge of caveat fee $50 Nil
Copy of loan documents $35 Nil
Offset monthly fee $10 per month Nil
Lump sum Repayment Administration Fee $100 $40
Settlement statement fee $50 $45
Discharge of security fee $100 $75
Loan Restructure fee $200 $175
Low equity fee * 1.25% if the loan amount 0.80% of the loan amount

* The low equity fee applies with loans where the LVR  is more than 90% but less than or equal to 95% of the value of the property being provided as security.

 

Tags: Kiwibank

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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