The following are the fees and costs you pay on standard Kiwibank Home Loans:
This fee is charged only when your home loan:
If you are refinancing please also refer to the Refinancing package fee below.
When your solicitor asks for our consent to any action.
$100 per request.
When you ask us to deliver documents to you by courier either within New Zealand or overseas.
When we demand payment of all amounts outstanding under your home loan because you are in default.
$50 per demand.
When we pay an insurer premiums that are due on security provided for your home loan.
$50 per payment to the insurer.
When we pay a local authority rates that are due on security provided for your home loan.
$50 per payment to the local authority.
When you ask us to discharge or partially discharge your mortgage or security.
$75 per request.
If requested to be completed in less than five business days and where the discharge is required to refinance with another lender, an additional $50 per request.
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.
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.
When you ask us to investigate something about your home loan.
$60 per hour. Minimum fee $15.
When you ask us to change your existing home loan and/or security. For example:
$175 per change.
Where we’re changing multiple existing components, the fee applies per changed component.
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 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 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 property being provided as security, the low equity fee is 0.80% of the loan amount.
When you make additional payments on your fixed component which exceed our early repayment limit.
$40 per repayment.
When you use our refinancing package for residential property home loans.
$250 per loan; and
$150 per additional security over two.
The refinancing package is free for residential property 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 to use 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.
When you ask us to prepare a settlement statement.
This fee doesn’t apply if the loan balance is zero. $45 per request.
When you ask us for new lending on a new component on an existing home loan, or you are increasing (topping up) an existing component
As well as our standard home loan fees and costs, a lenders mortgage insurance fee is payable to Housing New Zealand. This fee reimburses Kiwibank for the Lenders Mortgage Insurance Premium Housing New Zealand charges to insure each Welcome Home Loan.
The amount of this fee is 1% of the loan amount. This amount can be added to the loan.
Kiwibank’s lending criteria, terms and conditions, and fees apply. Fees effective as at 24 August 2013. Fees subject to change.