BNZ slashes mortgage fees

BNZ has slashed fees on 26 products as part of its charm offensive, with its Mortgage One base fee falling from $20 to $2 per month. BNZ’s Rapid Repay Base Fee has fallen from $3.50 per month to $2 a month, and top-up fees have been cut from $250 to $150, the lender said today.  BNZ’s re-document fee has been cut from $250 to $150.

The changes are effective from 1 April, following growing pressure on banking groups to eradicate heavy charges. Pressure from Australian regulators has forced banking groups to cut fees, having a knock-on effect in New Zealand.

Lenders are moving to cut their customer fees in response to the calls. ANZ, ASB, BNZ, Westpac and Kiwibank have announced they will scrap ATM fees for customers.