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.
