Asb

[brokerman]

Just got a heads up that ASB are about to re-introduce fee's n charges for all mortgages. Wonder when the others will follow suit?

[essence]

What sort of fees and charges??

[Lenny69]

Don't these banks already make enough money????

Oh wait, they have to front up and pay the IRD back and need to fund it

[roseneath_rat]

B-man, can you be more specific?

[brokerman]

B-man, can you be more specific?

waiting for sheet to come through, I'll post asap

[muppet]

Westpac tried to charge me last year when I renewed a couple of loans.
When I queried this they relented and so no charge to renew them.
I wonder what will happen this year when I have few loans coming up for renewal.

[Paul G]

I was in the ASB the other day making some changes to my mortgages and was told that next time there will probably set up costs charged. There has been no charge for me for any changes to date. (Mortgage increases or changes floating to fixed etc...)

[essence]

Fees and charges are what Banks want/like to charge you.

You don't have to accept their arbitrary decisions to implement charges.

What I have done in the past when told that there was an Establishment Fee, I have bluntly said "No. There's not". The look of absolute confusion on the Personal Manager's face was delightful!!

When I explained to her politely but clearly that I wasn't prepared to pay this fee and how much in interest the Bank was going to make over XXX years, she didn't charge me.

However - sometimes the staff have no discretion about fees.

I would suggest you all look at your personal/business situation when the Bank and work out when the earliest date is that you can leave that Bank if they muck you around/overcharge you.

And very clearly tell the staff you are unhappy with the way you have been treated and you're prepared to walk, next time your loan(s) come of fixed term.

Guarantee you'll get better service.

[One]

We left BNZ this year because they were going to enforce the $150 refix fee per mortgage for all 4 of ours. I talked to a mortgage manager and made it very clear that we weren't going to pay. They offered to drop to $100 each, "this time". We left.

[essence]

We left BNZ this year because they were going to enforce the $150 refix fee per mortgage for all 4 of ours. I talked to a mortgage manager and made it very clear that we weren't going to pay. They offered to drop to $100 each, "this time". We left.

Now isn't that just stupid on behalf of the Mortgage Manager?? I would even go so far as to write to his head office and explain why you left. He may have had no choice in the matter, but he should've at least asked the question from his superiors.

The Banks make far more money through interest over the term of a loan, than to worry about $100-200 at the beginning for a "Re-fix Fee".

[Tan]

I have always come accross these loan set up and re-fixing fees. They have always been crossed off when I mention them.

I guess making them non-negotiable is just another step in the toughening up of mortgages like not being able to get discounted rates any more (except the 1/2% through PIAs with ANZ). I never paid full rates until the last year or so, they would give you anything if you asked.

Once about 2 1/2 years ago I got someone elses mortgage docs stuck to the back of mine in the mail (No it didn't make the news, I was keeping on the banks good side). I was horrified at their fees and interest rate compared to mine. Lucky it wasn't the other way around!

Those who the banks want most will still no doubt get good deals.

[fpl]

Mh wonder whether these fees make or break a deal to buy an investment property

Focus on the outcome wanted or the hurdles in between?

[One]

For us, the fees pushed the effective interest rate up significantly if we refixed for only 6 months, which was definitely what we wanted to do, as well as shouting that the bank was taking a short-term view of our business.

When we first got the mortgages, we'd tossed up between Kiwibank and BNZ anyway, so this just pushed us to Kiwibank.

[mortgage broker]

I know that Westpac have already started to charge a refix fee of $250 for clients with less than 20% equity.

[Viking]

Yep but banks are stupid. They are more interested in getting a new customer than looking after the one they already have. Been like that for years. Big fancy marketing depts with huge budgets to be spent on gaining new customers rather than generating new business which costs far less. To much money spent on bonuses. Does Lehman mean anything?
Been with most banks over the years and its always the same. Won't accommodate you so you move so someone gets a bonus for the new business but NO ONE gets canned for losing. who cares, not my problem.