Kiwibank now have Google/Apple pay, so you're out of excuses for banking with the Aussies.

[wedinn]

All you folks doing business with the Aussie b(w)ankers should go ahead and switch local.

• ASB share-trading is the only "edge" any of those b(w)ankers have left imo.

Edit: Lots of people say:
- "Service" Maybe my needs are more basic than most. I'm pretty much an online customer, without the need for F2F. I only do personal banking & have two mortgages with them split into 6 tranches.
- "Value" I feel like I get great value from KB and it seems like plenty of people feel the same about the Aussie banks. My only fee is on my credit card, which has a competitive rewards program attached. I wasn't charged a break free for early repayment of a 7% tranche of mortgage.
- "Difficulty getting a mortgage" Not my experience. I've dealt directly with them for both my mortgages (my rare F2F dealings) and have gotten good rates out of them. Got my mortgages at 34 & 40, if that matters.
- "I would NEVER" I feel like this one is some misplaced loyalty or an excuse for inertia.

I've been happy here since ~2007, pretty much my entire professional life.

 

[nico96]

@wedinn Tried our absolute hardest to stay with them (mortgages, high household income) but the hoops they wanted us to jump through for my wife to take maternity leave were entirely unreasonable. Took our situation to Westpac who welcomed us with open arms and have been nothing short of brilliant to deal with.

It pains me because I want to support local but they just couldn’t be less helpful if they tried.

 

[neliii_br]

@nico96 We just moved from KB to BNZ, asked for kiwibanks best mortgage and it was about 0.5% larger than what BNZ offered + cash back that more than covered lawyer fees/ admin for the move. BNZ service was like you described with Westpac, welcoming and very professional.

KB had previously matched competitors rates so we had stayed with them but this time around they just were not interested.

 

[dannyd545]

@nico96 I am an OG kiwibsnk customer from the day it started. 15 years ago went in with a huge deposit but as a single mum they said no to giving me a mortgage. Westpac said yes immediately. So wanted to support kiwibank. Have account with them still. They've missed out on all my action and interest paid since!

 

[jeffreymj1]

@nico96 Excuse my ignorance but what does the bank have to do with maternity leave? We were with kiwibank and we just... Took parental leave, I don't remember any hoops e had to jump through

 

[in_jesus_i_trust]

@jeffreymj1 Going on maternity leave affects your income so your ability to pay your mortgage is considered compromised by the bank.

Most likely he tried to reapply for a new mortgage term and had to disclose maternity leave.

 

[kate98]

@jeffreymj1 Definitely should’ve kept quiet about the maternity leave, if you know you can still make the repayments then it’s none of their business. Just like if you got her pregnant the day after everything had been approved, you wouldn’t have called them and told them.

 

[zackjohnson922]

@nico96 Same. Too little.too late

 

[anonymous258]

@wedinn Wow only 8 years after everyone else… I don’t want to be waiting that long when the next convenience comes along, sorry.

 

[russelae01]

@anonymous258 Yeah, friggen embarrassing with how long it's taken.

 

[wedinn]

@anonymous258 *and pay for the privilege

 

[eyeamnicegirl]

@wedinn Pay how exactly? I'm getting higher savings interest, lower mortgage rates and 1.12% cash back on my cc purchases at bnz...I'll say you're the one paying.

 

[araz]

@anonymous258 Funny thing is that KB was the first bank 2 have debit cards, as they were with nzpost with those old but gold loaded cards

 

[jackk123]

@wedinn Mortgage availability / rate is the usual thing.

Anyone getting a new mortgage in the current environment will wind up with whoever offers a deal, often via a broker. Generally people move their transaction banking with the mortgage.

 

[wedinn]

@jackk123 Brokers are like car salesmen and are in it to make money for themselves.
- Don't be afraid to see what banks will offer you.

 

[hope3]

@wedinn If i went straight to my bank and didn't use a broker, id have been paying an extra 1.75% in interest over what i currently get. It adds up to about $150-$200 an extra a week. If you can get a better deal by yourself then by all means go for it, but our broker was great and it was a lot less stressful than going to tons of different banks ourselves.

 

[marcyhoney]

@hope3 Can any one explain why brokers are able to get better rates? It seems counter intuitive to give discounts to people when you also have to pay the commission?

 

[katstamper]

@marcyhoney They don't, used to be unadvertised rates or kickbacks but most banks have stopped offering them and now anyone can get the same rate by asking.

 

[leepad5050]

@marcyhoney As I understand it the brokers drive business their way. While offering an individual a discount on published rates may mean that person makes a few recommendations and perhaps someone takes out a mortgage with them based on that recommendation getting a broker to bring in dozens of new mortgages is good for their business. That’s my theory anyway - I’m no expert on these things.

 

[in_jesus_i_trust]

@marcyhoney The business model works because it gives new business to the bank that may otherwise not be there. So usually brokers will want you to change banks because this gives them the best kick-back commission, but it will also reward you with a lower interest rate than sticking with your current bank.