Kiwibank unmoved by break fee pressure

Finance Minister Bill English's office has failed to move Kiwibank over its high fixed-term mortgage break fees.

Last week English said the state-owned bank could expect a call after reports put its fee higher than some other banks.

English today told reporters he had not talked directly to the bank, but his office had.

"I think (they got) a similar response to what they've been giving publicly, that this is a contractual arrangement and when people enter into it they know what happens if they are going to change it."

English said consumers would apply pressure.

To read the full NZ Herald story click here

Posted: 3 Feb 2009

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