Anyone got loans with Kiwibank?

[Heg]

Hi
We've are considering moving an existing loan to Kiwibank purely because of their lower interest rates. However, I have heard reports that their service is generally very poor and that they do not understand investors. Does anyone care to comment? I don't want to move a loan from a lender I am very happy with, only to find that I get terrible service from KB.

[Davo36]

I tried them for a commercial loan once. They were useless.

They said they'd get back to me. A week later when I hadn't heard anything, I rang the guy and could tell he didn't even remember me, the loan app or anything. He rang back the next day and said no. ANZ said yes.

[Rizowz]

I have one loan with them and have had pretty good service. Their break fee calculation, whilst it has been improved over last year (more favourable to borrower) is still saddening. I am reasonably happy with them but sometimes their credit dept is slow, but i'm sure that happens other places too. I'd definately consider them for a loan again if I couldnt get one with my other bank who i do personal and IP banking with.

[kingkong82]

I currently have a home loan with them....customer service is shit...considering leaving them for another bank...quite happy to pay the break fee.. In other words they do not make feel safe concerning my loan... even though they have low rates..in my opinion it is not worth the stress they put through. DON"T CHANGE providers if you are happy with them...

[Austrokiwi]

I heard a few years ago that Kiwi Bank used another bank for all there transactions is that true?

.

[drelly]

I would like to shift to Kiwibank simply because it is a NZ bank but I've always thought the concept of running a post office and a bank across the same counter was doomed to be a customer service tragedy.

[Odin]

I had a loan with kiwibank and had signed up for an investment. Their loan manager kept promising that I would get the loan for the investment no problem, 4 days before the money was due I got turned down. It was a straight forward investment with good cashflow and plenty equity. ASB saved me and though there are things i'm not 100% happy with re ASB i think i'll stay with them. For one i wich they where an NZ bank.
Maybe Bank direct would be the way ?

[kalovatt]

I was one of their "launch" customers back in the early 2000's with several IP mortgages with them. I closed all accounts when I sold up, and have just now moved our personal and Family Trust banking and mortgage back to them.

I personally have had great service, both in the early days, and now. Its probably best to deal direct with the lending person and phone them directly for all matters.

We are saving a considerable amount by having refinanced back to them (from HSBC), and their internet banking site runs rings around HSBC's.

Only complaint is that its often been hard to get hold of our banking person at times, but I think its because they are so busy with new business.

[Heg]

Thanks everyone. Interesting comments. We too were one of their first customers when we moved to NZ. We only changed to ASB about 18 months ago as we had the majority of our lending with ASB and Sovereign so it was easier to have our personal accounts with them also. I had no issues with KB back then, however we had no loans with them and I did all of our banking on the internet.

I asked the question because it was my mortgage broker who told me that they had a lot of clients who had gone to KB and were now wanting to get away because of bad service. I was wondering if it was just a case of sour grapes from the broker as KB don't deal with brokers or whether the really are as bad as they say they are.

[sarahd]

Kiwibank do deal with brokers, through their alliance with AMP Home Loans. AMP Home Loans is actually KiwiBank. So you have to go through an AMP broker.

[Heg]

Kiwibank do deal with brokers, through their alliance with AMP Home Loans. AMP Home Loans is actually KiwiBank. So you have to go through an AMP broker.

I'll rephrase that -MY broker can't deal with KB

[MoatMaster]

Service with Kiwibank directly has reportedly been poor. The only broker channels available are AMP, NZ Home Loans, and recently a few Roost branches around the country.

[Keys]

I would like to shift to Kiwibank simply because it is a NZ bank but I've always thought the concept of running a post office and a bank across the same counter was doomed to be a customer service tragedy.

TSB Bank? (must add more charactors in order to post. must make the madnatory minimum of 10)

[Heg]

TSB Bank? (must add more charactors in order to post. must make the madnatory minimum of 10)

TSB bank....why? I thought the "B" stood for bank..? Therefore it calls itself 'Trustees Savings Bank Bank'. ASB does the same. Drives me nuts

[Willoghby]

Me too Heg . . . listen people . . . it's TRUSTEE SAVINGS BANK (no further "Bank" required) . . . or quite simply . . . . . . . "The TSB".

My branch of KB is a bit of a farce, any time I've rushed in there for a bit of advice (I have a saving account for my daughter with KB), there's been no-one manning the KB kiosk, and the very polite people behind the PO counters don't appear to know enough to answer questions most of the time. Doesn't come across as a very "Professional" bank to me personally!