Information about upcoming or recent changes to Kiwibank accounts and services.
We’ve made some changes to our Home Loan Terms and Conditions and Home Loan Summary. This includes simplifying the content and terminology. For example, where we previously said ‘portions and components’, we’ve now gone with the simpler term of ‘loans’. The changes we’ve made won’t affect the way your home loan currently operates.
We’ve included a summary of the changes to the Home Loan Terms and Conditions below.
Electronic consent
We’ve updated how we communicate with you, including that you may receive key information electronically. Put simply, we can now send any updates electronically, instead of by mail. All you’ll need to do is make sure your email address is up to date. You can do that in internet banking or the mobile app under ‘Settings’. To find out more, see section 13 ‘How do we communicate with you?’.
Offset ratio
If you have a term loan with an offset variable rate, we’ve introduced an offset ratio, so the benefit of your offset product may change in the future. The current ratio is set at ‘1’ (meaning that for every $1 held in an offset account, $1 of lending is offset). There's no change to the current offset ratio. If we decide to change it in the future, you'll be notified in advance of the changes. To find out more, see section 4 ‘What interest do you pay on your loan?’.
Payments and top ups
We’ve included additional information about how you can:
Download a copy of the updated Home Loan Terms and Conditions (PDF 177.3 KB) and the sample Home Loan Summary (PDF 217.6 KB). Both are effective from 25 August 2021.
Please note that the sample Home Loan Summary doesn’t include any customer specific lending information or figures.
Date published: 4 August 2021
We're moving all our business credit card customers from the Business Mastercard® to the Business Low Rate Visa. The Business Low Rate Visa will have a different card design, improved statement design and will include a new benefit, Corporate Liability Waiver Insurance.
From 3 August 2021:
We'll communicate with our business credit card customers leading up to the move to Visa to ensure they're informed and have the information they need to complete the move.
Find out more about our new Business Low Rate Visa.
You can find information about our Business Mastercard on our products no longer offered page.
Date published: 5 July 2021
We’re changing our current Kiwibank Credit Card Terms and Conditions and introducing new business credit card terms and conditions.
If you applied for a Kiwibank Credit Card before 5 July 2021, the new Credit Card Terms and Conditions and new Business Banking Terms and Conditions will be effective from 2 August 2021.
Credit Card Terms and Conditions
New Business Credit Card Terms and Conditions
Download the updated Kiwibank Credit Card Terms Conditions here (PDF 182.0 KB) or the new Business Credit Card Terms and Conditions here (PDF 196.0 KB). Both are effective from 2 August 2021.
Date published: 5 July 2021
On Tuesday 5 July 2021, we're updating our Personal Banking Fees and limits brochure, Business Banking Fees and Limits brochure and NZHL Fees and Limits brochure, along with our website to include the Overseas ATM Transaction Decline Fee.
When you use your ATM/EFTPOS card or Visa Debit Card at an overseas ATM and the transaction is declined, you’re charged $1 per declined transaction.
Date published: 21 June 2021
We've made changes to some of our Business Mastercard fees. These changes were effective from 5 July 2021.
The changes have been summarised below. See full descriptions of when each fee is applicable.
|
Fee type |
Old fee |
New fee |
|---|---|---|
|
Disputed item fee |
$25 |
Removed |
|
Emergency cash advance (overseas without a card) |
$52 |
Removed |
|
Statement copy fee |
$5 |
Removed |
|
Urgent uncleared funds fee |
$25 |
Removed |
|
Voucher copy fee |
$15 |
Removed |
|
Over limit fee |
$5 |
Removed |
|
Investigation fee |
$60 |
Removed |
|
Fee type |
Old fee |
New fee |
|---|---|---|
|
Card replacement fee |
$10 |
$9.50 |
|
Domestic cash advance fee |
$1 |
$0.90 |
|
Replacement card courier fee – domestic |
$25 |
$2.60 |
|
Replacement card courier fee – international |
$52 |
POA |
Date published: 4 June 2021
We’ve updated our Home Loan Terms and Conditions. The change was effective from 1 June 2021.
We’ve replaced Section 2 – “When can your home loan documents change?” with the following wording:
"Your home loan agreement and these terms give us the right to make specific changes to your home loan agreement. For example, our right to reduce or cancel the maximum credit limit on an ongoing revolving portion.
In addition, we can change your home loan agreement, these terms and our fees n' limits brochure at any time, but we must give at least 14 days' notice before you are bound by the change.
Our general terms explain how those terms and conditions can be changed."
The words in bold have a specific meaning. You can find out the meaning of these words in our Home Loan Terms and Conditions.
The change makes it easier for us to roll out new and improved documents. While the change gives us a broader right to make changes, we’ll continue to treat you fairly and not use this right in an unreasonable manner.
Download a copy of the updated Home Loan Terms and Conditions (PDF 208.2 KB) effective from 1 June 2021.
Date published: 17 May 2021
From 30 April 2023, we'll no longer offer manual fingerprinting services.
Date published: 30 April 2021
We've made the decision to stop offering Credit Card Repayment Insurance from 1 April 2021. Customers will no longer be able to apply for Credit Card Repayment Insurance when opening a new Kiwibank Credit Card account.
If you’re an existing Credit Card Repayment Insurance policy owner, your cover will remain in place. However, if you decide to change your Kiwibank Credit Card type or set up a joint credit card from 30 April 2021, your Credit Card Repayment Insurance cover will end and you won't be able to apply for Credit Card Repayment Insurance on your new card.
Kiwi Insurance has made the following changes to the Credit Card Repayment Insurance Cover wording to reflect this:
Kiwibank will set up a new Kiwibank Credit Card account for your new Kiwibank Credit Card. If the policy owner chooses to have Credit Card Repayment Insurance, Kiwibank will set up a new Credit Card Repayment Insurance agreement. The standard terms and conditions will apply.
Download a copy of the updated Credit Card Repayment Insurance Cover wording (PDF 215.5 KB) effective from 30 April 2021.
Date published: 25 February 2021
We've made some changes to our Membership Packages for partners including Mates Rates and Public Service Association (PSA) packages:
For more information about the changes, visit our products no longer offered page.
Date published: 10 December 2020
From Thursday 25 March 2021, we've stopped offering Bill Blaster, Front Runner and Now accounts.
This means from this date, you won’t be able to open a Bill Blaster, Front Runner or Now account. If you currently have a Bill Blaster, Front Runner or Now account, you'll be able to continue to use your account(s).
We've simplified our offering to one everyday account; Free Up account. Free Up has been our most popular everyday account with no monthly account or electronic transaction fees.
As a result of this change, we’re updating our Personal Banking fees and limits brochure. Our updated Personal Banking fees and limits brochure (PDF 191.9 KB) (effective 25 March 2021) will reflect these changes.
Date published: 11 March 2021
Effective from 15 March 2021, we’ve updated the Personal Loans terms and conditions and the Personal Loans Repayment Protection Insurance Policy to include the Prescribed Statement Disclosure below as required under the Financial Markets Act 2013.
Prescribed Statement Disclosure – Latitude Financial Services Limited – Personal Loans
Kiwibank Personal Loans are provided by Latitude Financial Services Limited (Latitude). You are protected by responsible lending laws. Because of these protections, the recommendations given to you by Latitude about personal loans, credit cards and any credit related insurance products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.
Prescribed Statement Disclosure – Latitude Financial Services Limited – Personal Loans Repayment Protection Insurance
You are protected by responsible lending laws. Because of these protections, the recommendations given to you about any credit related insurance products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.
Download a copy of the updated Personal Loans terms and conditions (PDF 144.0 KB) effective from 15 March 2021. A copy of the updated Personal Loans Repayment Protection Insurance Policy will be made available upon request on 0800 549 454.
Date published: 15 March 2021
We've made changes to the interest rates of our savings accounts following changes in the market. These changes were effective from Monday 1 March 2021. You can manage your savings and investment accounts through your internet banking or mobile app.
Interest rates and rates of return are subject to change.
The rate of return for Notice Saver can change at any time and without notice. This means the rate might go up or down during your investment. From 1 March 2021 the following rates apply:
|
Notice Saver |
Previous rates* |
Rates as of 1 March 2021* |
|
32 days |
0.50% p.a. |
0.40% p.a. |
|
90 days |
1.00% p.a. |
1.00% p.a. |
*Minimum Investment $2,000
Kiwibank Notice Saver is a fund within a Portfolio Investment Entity (PIE). Units in Kiwibank Notice Saver are issued by Kiwibank Investment Management Limited and are distributed by Kiwibank Limited. Download the Terms and Conditions for Kiwibank Notice Saver (PDF 196.4 KB).
Online Call has a variable interest rate and includes bonus interest if no withdrawals are made in a calendar month.
|
Previous rate |
Rates as of 1 March 2021 |
|
|
Base rate |
0.05% p.a. |
0.05% p.a. |
|
Bonus rate |
0.25% p.a. |
0.20% p.a. |
|
Total rate |
0.30% p.a. |
0.25% p.a. |
Units in the Kiwibank PIE Online Call Fund are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited. Download the Terms and Conditions for the Kiwibank PIE Online Call Fund (PDF 197.6 KB).
Fast Forward Saver has a variable interest rate and includes bonus interest if at least $20 is deposited, and no withdrawals are made, in a calendar month.
|
Previous rate |
Rates as of 1 March 2021 |
|
|
Base rate |
0.05% p.a. |
0.05% p.a. |
|
Bonus rate |
0.25% p.a. |
0.20% p.a. |
|
Total rate |
0.30% p.a. |
0.25% p.a. |
Date published: 5 March 2021
Previous public notices can be found on our archived public notices.