NZ Banks Cutting / Tweaking Fees

[Perry]

What's up with all this fee juggling going on?

Credit-Union Baywide
Kiwibank
BNZ
ANZ

What do you think is behind all the fuss?

Oh, banking gossip has it that trader dumbphones (aka smartphones) will become EFT-POS terminals in the not too distant future.

[DaveW]

Westpac just charged me a 1% mortgage establishment fee for a commercial loan. Although I managed to negotiate it to half. No wonder they are losing market share to ANZ?

[Beano]

Westpac just charged me a 1% mortgage establishment fee for a commercial loan. Although I managed to negotiate it to half. No wonder they are losing market share to ANZ?

Is the ANZ the best in the market currently ?

[Davo36]

Westpac just charged me a 1% mortgage establishment fee for a commercial loan. Although I managed to negotiate it to half. No wonder they are losing market share to ANZ?

No vendor finance on this one? Just joking...

[Beano]

With commercial loans the banks often insist you also use their solicitor. .this can add thousands to the cost
My solicitor $1725 including gst their solicitor $4709
Their solicitor read the lease and S and P agreement
My solicitor did the above plus
Visited the site
Registered the mortgage's
Transfered the titles
Bank charged me a $3,000 fee

[Perry]

Seems there might be a bit of semi-deceptive, cross-subsidising going on, then?

Cheap over here - stung over there. Gotcha.

[Wayne]

With commercial loans the banks often insist you also use their solicitor. .this can add thousands to the cost

Aside from the cost that doesn't sound like a good idea.
You want your solicitor to protect you - not protect the bank.
Independence would be key here.

[Beano]

Aside from the cost that doesn't sound like a good idea.
You want your solicitor to protect you - not protect the bank.
Independence would be key here.

What I meant was the banks insist you use both solicitors