Westpac New Zealand is stopping charging nine fees related to the establishment and administration of loans and overdrafts.
Ian Hankins, Westpac NZ's General Manager of Consumer Banking and Wealth, says the fee cull will both save customers money and simplify processes, thus making life easier for both customers and the bank's staff.
“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.
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