Standard home loan fees

The following are the fees and costs you pay on standard Kiwibank Home Loans:

Bridging finance fee

When you ask us to provide bridging finance to cover the purchase of a new property, while awaiting the sale of an existing property.

$350.

Capped variable rate application fee

When you ask us for a capped variable component in your home loan.

$250 per component.

Consent fee

When your solicitor asks for our consent to any action.

$100 per request.

Copy of loan documents fee

When you ask us to provide copies of your home loan documents.

$35 per request.

Courier costs

When you ask us to courier documents to you, either within New Zealand or overseas.

Courier costs associated with delivery of the documents.

Default fee

When we demand payment of all amounts outstanding under your home loan because you are in default.

$50 per demand.

Discharge of security fee

When you ask us to discharge or partially discharge your mortgage or security.

$100 per request.

Early exit fee

When your home loan is repayable over more than three years and you fully repay your loan within three years from the date you first drawdown your loan. This fee doesn't apply if you are taking up a new loan with Kiwibank, or if your loan is being repaid in full and isn't being refinanced with another lender.

$250.

E–Valuer fee

When you ask us to obtain an E-Valuer from QV.co.nz on your behalf.

$50 per request.

Fixed rate break costs

When you repay your entire fixed component early or make an additional payment which, together with any other additional payments you’ve made, exceeds our early repayment limit or if you switch your fixed component to a variable component or other fixed rate.

The amount of the costs varies depending on the current interest rates and how long the loan has left to run. The way we calculate fixed rate break costs is described in Kiwibank’s Home Loan Terms and Conditions.

Fixed rate lock option fee

When you ask us for a fixed rate lock option.

The amount of the fee may vary depending on the amount you want to lock in and how long you want to lock it in for. The amount of the fee will be set out in the Fixed Rate Lock Option Agreement.

Insurance demand fee

When we pay an insurer premiums that are due on security provided for your home loan.

$50 per payment to the insurer.

Investigation fee

When you ask us to investigate something about your home loan.

$60 per hour. Minimum fee $15.

Loan insurance

When you take out loan insurance.

The amount of the premium varies and you will be advised when you take out loan insurance.

Loan restructure fee

When you ask us to change your existing home loan and/or security. For example:

  • lending a new component on an existing home loan;
  • increasing (topping up) an existing component;
  • splitting an existing component;
  • combining existing components;
  • changing the term or interest only period of an existing component;
  • changing the type of an existing component (but not (1) changing an existing component to a fixed component; (2) refixing an existing fixed component; (3) changing an existing component to an offset variable component; or (4) changing an existing component to a capped variable component);
  • changing the repayment type on an existing component from principal and interest to interest only;
  • changing the identity of the borrower;
  • changing the identity of the guarantor;
  • changing the identity of the owner of the security; or
  • changing the security.

$200 per change.

Where we’re lending multiple new components on an existing loan, the fee applies per new component.

Where we’re changing multiple existing components, the fee applies per changed component.

Low equity fee

We may charge you a low equity fee. The amount of the fee varies depending on the amount you want to borrow as a percentage of the value of the property being provided as security. You may also be required to obtain a registered valuation.

Where you want to borrow more than 80% but less than or equal to 85% of the value of the property being provided as security, the low equity fee is 0.25% of the loan amount.

Where you want to borrow more than 85% but less than or equal to 90% of the value of the property being provided as security, the low equity fee is 0.50% of the loan amount.

Where you want to borrow more than 90% but less than or equal to 95% of the value of the property being provided as security, the low equity fee is 1.25% of the loan amount.

Lump sum repayment fee

When you make additional payments on your fixed component which exceed our early repayment limit.

$100 per repayment.

Mortgage priority change fee

When a change is required to the priority amount in your mortgage.

$100 per change.

Multi-borrower fee

When a home loan application has more than two applicants. This fee doesn’t apply where the applicants are trustees.

$100 for each additional applicant over two.

Offset mortgage application fee

When you ask us for an offset variable component in your home loan.

$250 per component.

Offset mortgage fee

When you’ve an offset variable component in your home loan.

$10 per component per month.

Rate fixing fee

When you ask us to switch your variable component to a fixed component, or refix your fixed component.

$100 per component.

Rates demand fee

When we pay a local authority rates that are due on security provided for your home loan.

$50 per payment to the local authority.

Redocumentation fee

When you ask us for changes to your home loan and/or security documentation prior to drawdown.

$100 per request.

Refinancing package fee

When you use our refinancing package for residential property home loans.

If you are using an apartment, townhouse or leasehold property as your security, you’ll need to obtain (and pay for) a registered valuation.

Your existing lender may charge break costs or discharge fees and these aren't covered as part of the refinancing package. If you want to use your own solicitor, you can still use the refinancing package, but your solicitor’s fees and costs aren't covered as part of the refinancing package.

You’ll need your own solicitor if the loan cannot be transferred to us without changing who owns the properties provided as security, where the refinancing documentation is signed under a power of attorney or where the refinancing forms part of a series of same day transactions.

The refinancing package is free for residential property loans:

  • over $50,000;
  • less than 80% of the market value of the residential properties provided as security;
  • that will be transferred to Kiwibank without changing who owns the properties;
  • that are secured by two or less securities;
  • where the refinancing documentation isn't signed under a power of attorney; and
  • where the refinancing doesn't form part of a series of same day transactions.

Otherwise, the fee is:

  • $250 per loan; and
  • $150 per additional security over two.
Registration or discharge of caveat fee

When a caveat needs to be registered or discharged over your property.

$100 per registration or discharge.

Repayment holiday fee

When you ask for a repayment holiday.

$75 per repayment holiday.

Settlement statement fee

When you ask us to prepare a settlement statement. This fee doesn’t apply if the loan balance is zero.

$50 per request.

Urgent discharge fee

When you ask us to partially or fully discharge a mortgage or security in less than five business days, and where the discharge is required to refinance with another lender.

$50 per request.

Kiwibank Welcome Home Loan fees

As well as our standard home loan fees and costs, the following are the fees you pay on Welcome Home Loans:

Deposit administration fee

When deposit assistance is given for a Kiwibank Welcome Home Loan.

$200.

Kiwibank’s lending criteria, terms and conditions, and fees apply. Fees effective as at 24 August 2013. Fees subject to change.