Westpac New Zealand is stopping charging nine fees related to the establishment and administration of loans and overdrafts. “From today (Thursday), customers will no longer pay an establishment fee when applying for a home loan, personal loan or overdraft. There will also be no documentation fee for loan top-ups and some fees related to early home loan repayments have also been removed," says Hankins. The move continues a trend at banks over recent years of removing and reducing fees. Hankins notes Westpac NZ last year removed other fees including the fee for late payments on credit cards, the fee charged when a loan payment failed, and its annual KiwiSaver administration fee.

Source: New Zealand Herald September 14, 2022 23:29 UTC