Westpac NZ removes nine lending and overdraft fees

Westpac NZ has removed nine fees relating to the establishment and administration of loans and overdrafts.

Westpac NZ General Manager of Consumer Banking and Wealth Ian Hankins says the removal of the fees will save customers money and simplify processes, making the banking experience easier.

"From today, 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.

"Today's change will make the whole experience simpler and easier for customers, with the end result that more money will stay in our customers' pockets.

"It also removes a step from the process for our employees, which means they have more time to talk with customers."

Mr Hankins says the change follows the simplification of a range of other products.

"Last year we removed a range of charges, including the fee for late payments on credit cards, and the fee charged when a loan payment failed. The $12 annual administration fee on the Westpac KiwiSaver Scheme was also discontinued last year. And our standard transactional Everyday Account has zero fees when customers bank electronically."

He says the removal of the personal loan establishment fee gives New Zealanders one more reason to consider the bank's new EV Loan.

"Introduced last month, this new personal loan makes sustainable forms of transport accessible for more Kiwis. It enables them to borrow up to $50,000 at the low rate of 6.99% per annum so they can purchase an EV, e-bike, e-scooter or e-moped.

"Because the loan is unsecured, customers do not need to own a house in order to take up the offer, putting electric transport and a smaller carbon footprint within the reach of more New Zealanders."