Standard home loan fees

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

Application fee

This fee is charged only when your home loan:

  • has an offset variable component, or
  • is repayable over more than three years and you fully repay your loan within three years from the date you first drawdown your loan, except that it doesn’t apply if:
    • you are taking up a new loan with Kiwibank, or
    • your loan is being repaid in full and isn’t being refinanced with another lender.

$250.

If you are refinancing please also refer to the Refinancing package fee below.

Consent fee

When your solicitor asks for our consent to any action.

$100 per request.

Courier costs

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

Demand fee

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.

Discharge of security fee

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.

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.

Investigation fee

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

$60 per hour. Minimum fee $15.

Loan restructure fee

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

  • splitting or combining existing components;
  • changing the term or interest only period of an existing component;
  • changing the type of an existing component, but not:
    • changing an existing component to a fixed component;
    • refixing an existing fixed component;
    • changing an existing component to an offset variable component; or
    • 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.

$175 per change.

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 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.

Lump sum repayment administration fee

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

$40 per repayment.

Refinancing package fee

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:

  • 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.

Please note:

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.

Settlement statement fee

When you ask us to prepare a settlement statement.

This fee doesn’t apply if the loan balance is zero. $45 per request.

Top Up Fee

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

$200

Welcome Home Loan – Lenders Mortgage Insurance

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.