Kiwibank Loans Review (New Zealand)
Kiwibank Loans Review – The bank allows its customers to benefit from comprehensive banking services.
Including loans with reasonable terms or rates and various types of credit cards with several options.
When you need financing for your unforeseen expenses, purchasing your dream car or house, Kiwibank offers you several types of loans with reasonable interest rates and loan terms.
Kiwibank Loans Review and Interest Rates of Loans issued by KiwiBank as loans in New Zealand are listed below:
- Home Loans: 55% p.a for 1 year fixed (Requires minimum 20% equity)
- Personal Loans: Range between 13.95% and 18.95% (Depends on the loan amount and the customer)
- Car Loans: Range between 12.99% and 18.95% (Depend on several factors such as the loan amount, credit rating, security offered, etc.)
Standard and Additional Fees Kiwibank Loans
You may be charged additional fees on your home loans when you ask for a change or default.
- Demand Fee: If you are in default, you will be charged $12 for per demand.
- Discharge of Security Fee: If you want to fully discharge your security, you will be charged $30 per request. (If you want to partially discharge your security, you will be charged $70.)
- Fixed Rate Break Costs: If you want to complete your entire repayments earlier, make an additional payment, change your loan terms (from a fixed component to a variable component), you will be charged a fee which will be calculated due to your loan agreement.
- Loan Restructure Fee: If you want to change your loan components or repayment type, you will be charged $30 for per change. If you want to change the identity of the borrower, guarantor, owner or change the security, you will be charged $135 for per change.
- Lump Sum Repayment Administration Fee: If you want to make additional payments out of early repayment limit, you will be charged $40 for per repayment.
- Top Up Fee: If you want to top up your existing loan, you will be charged $185 per request.
- Mortgage Insurance Fee: 1% of the loan amount.
Kiwibank Credit Cards
Credit Cards offered by Kiwibank either allow you to save on credit card costs or allow you to earn points and rewards as you spend.
Here is a list of the most popular types of credit cards on offer:
- Air points Rewards Credit Cards: You can earn Air points as a reward as you spend which can be used for flights, car rental or hotel bookings. They usually have higher interest rates.
- No Annual Fee Credit Cards: You can save on credit card costs by minimizing credit card expenses. They usually have lower interest rates. You can also earn rewards in exchange for a low annual fee.
- Low Purchase Rate Credit Cards: You can save money on interest charges due to a lower purchases interest rate. They also usually come up with interest-free days.
- Business Credit Cards: They allow you to manage your business expenses.