Cash-back offers increasingly a factor in choosing a lender, Macquarie mortgage broker survey says

The days of a relationship with your retail bank; one built on mutual trust; where you knew your bank manager, and when you needed something, you knew they'd be there next time you wanted to call on them, came to an end with a whimper +25 years ago.

There is no such thing as bank loyalty; just 'how much can the bank make out of you at any given time' and if they can't, you'll be 'encouraged' to move whatever business you have to another bank.

Banks are no longer interested in you or your business endeavours - unless it involves the Property Market. They are simply Issuers of Debt. They no longer have Branches, just Stores. And the staff, as with any retail business, are simply nondescript, variable shop assistants.

When I was young, my Uncle Bob was the pride of his family and community. He was a bank manager for Barclays Bank, and that's what I wanted to be. Today, I'll suggest even he would keep his job under his belt when asked at any function,"So, Bob. What do you do?"

the consumer banking satisfaction survey doesnt rubbish any bank in particular but trustpilot has some really bad reviews on NZ banks.i think we are too trusting and shouldnt be shocked to find out the bank only wants our money.

Seriously: how have banks not turned themselves in to an interchangeable commodity, given how impersonal their their minimum-servce-for-maximum-profit behavior has become?

Duh. All we are all doing is treating our banks with the same care, attention, and loyalty that they have historically given us. To be specific, zero. The banks have never given me any reason to treat them otherwise. The only advantage any bank has over another is to have their profits stay in NZ instead of being shovelled overseas. At least we then have some sort of chance to get a bit of them back.

Compared to other countries and their financial products, NZ is poorly served. See: US interest rates being able to be fixed for decades on a mortgage when it is drawn down, UK mortgages where the interest rate continues to be discounted as you build up more equity in your property, etc.

Meanwhile only some banks here will actually market themselves as letting you make extra repayments, and if the others do, it's clearly at their discretion. This may be harder to do now that mortgage rates are rising again and banks may prefer to you break and refix at a higher rate. Out of the goodness of their heart, they will probably not apply a break fee for signing up to give them more money, but it may make extra payments a little bit harder.