Public notices 2021

We're making some changes to some of our business lending documents.

Summary of changes

Kiwibank Business Banking overdraft letter

Within this letter we’ve updated the definition of Overdraft Limit to include the following wording:

"We can reduce the Overdraft Limit at any time and for any reason. We’ll give you advance notice of this if we think it is appropriate in the circumstances. Otherwise we’ll give you notice as soon as reasonably practical afterwards."

While we've always had the right to reduce the overdraft limit at any time, we've made changes to how and when we give notice

Loan agreement

Within this agreement we've updated:

• the revolving credit loan section titled “Cancellation of unused portion”; and
• the Wholesale revolving credit loan (BKBM) section titled “Cancellation of unused portion”.

These sections now contain the following wording:

"Kiwibank may, at any time cancel any portion of the loan limit that exceeds the amount outstanding under the loan. We’ll give you advance notice of this if we think it is appropriate in the circumstances. Otherwise we’ll give you notice as soon as reasonably practical afterwards."

While we've always had the right to cancel any portion of the loan limit exceeding the drawn amount at any time, we've made changes to how and when we give notice.

Date effective: 6 December 2021

Date published: 22 November 2021

• The investigation fee when you ask us to investigate something about your credit card account ($60 per hour, Minimum fee $15) has been removed from page 10.
• We’ve added a description of the account fee on pages 10 and 11 to clarify that the fee relates to our costs of administrating and supporting your card and providing any benefits available on your card.
• The account fee (every six months) for Low Rate Visa will change from $15 to $0, this has been amended on page 10.
• The Joint/Additional cardholder account fee (every six months) for Low Rate Visa will change from $5 per card to $0, this has been amended on page 11.
• All references to Mastercard™ have been removed as all Mastercard products have been replaced by Visa products.

Download a copy of the updated Personal Banking Fees and Limits.

Date effective: 24 November 2021

Date published: 19 October 2021

• We’ve expanded on the description of what happens if you request a transfer to a different Kiwibank Credit Card on page 4.
• We've clarified in clauses 2 and 3 that when you ask us to close your card account or we exercise our right to close your card account, it will be closed without any refund of card account fees that you’ve already paid.
• For Airpoints cards, we’ve added a new section 22 that sets out which transactions are not eligible to earn Airpoints dollars. This includes gambling transactions (including online gambling).
• We've updated section 11 to clarify how interest rate changes will apply to your statements, as well as an explanation on how we calculate interest on transactions.
• We’ve updated the section number references in sections 2, 3, 4, 6, 9 and 19 within the Credit Card Terms and Conditions brochure.

Download a copy of the updated Credit Card Terms and Conditions. Effective from 24 November 2021.

Date effective from: 24 November 2021

Date published: 19 October 2021

We’re making some changes to our credit cards.

Summary of changes

Low Rate Visa

• From 24 November 2021, we’ll stop offering the Low Rate Visa.
• If you’re an existing cardholder, from 24 November 2021, the account fee (every six months) will change from $15 to $0, and the interest rate on purchases and cash advances will change from 9.95% p.a. to 12.90%. p.a. You can continue to use your card until its expiry date. We'll then send you a Zero Visa to replace your current card. All your existing account details including your card and account number will remain the same (unless your card has been lost or stolen).

Zero Visa

• From 24 November 2021, the interest rate on purchases and cash advances will drop from 13.95% p.a. to 12.90% p.a.

Platinum Visa

• From 24 November 2021, we’ll stop offering the Platinum Visa.
• If you’re an existing cardholder, you can continue to use your card as usual.

Air New Zealand Airpoints Low Fee Visa

• From 24 November 2021, the interest rate on cash advances will drop from 22.95% p.a. to 16.90% p.a.

Air New Zealand Airpoints Standard Visa

• From 24 November 2021, we’ll stop offering the Air New Zealand Airpoints Standard Visa.
• If you’re an existing cardholder, you can continue to use your card as usual.
• From 24 November 2021, the interest rate on cash advances will drop from 22.95% p.a. to 20.95% p.a.

Air New Zealand Airpoints Platinum Visa

• From 24 November 2021, the interest rate on cash advances will drop from 22.95% p.a. to 20.95% p.a.
• The Airpoints Dollar earn rate for Airpoints Platinum will change from 1 Airpoints Dollar for every $75 spent on eligible purchases to 1 Airpoints Dollar for every $85 spent on eligible purchases.

Date effective: 1 June 2021

Date published: 19 October 2021

We’re updating the Kiwibank Credit Cards webpage and the Travel Insurance Policy Wording to reflect a change in claims management.

Summary of the changes

Tower Limited have partnered with Allianz Partners to provide call centre services and manage claims for travel insurance policies available for selected Kiwibank Credit Cards. This means that Allianz Partners will now receive customer calls for emergency assistance, policy enquiries, claim enquires, medical screenings, duration and additional baggage enquires.

Prior to this, Healix received calls for emergency assistance, medical screenings and baggage enquiries while Tower received calls for policy enquires, duration extensions and claim enquires.

We are updating the relevant Travel Insurance section for Kiwibank Credit Cards webpage to reflect this change:

• Replacing or diverting 0800 numbers that went to Healix or Tower with 0800 numbers to go to Allianz Partners
• Important Information section on the webpage is being updated to reflect the Tower / Allianz partnership and introduce AWP Services New Zealand Limited trading as Allianz Partners. The change will read:

Travel Insurance for Insured Cards is underwritten by Tower Limited and managed by AWP Services New Zealand Limited trading as Allianz Partners (FSP758611). If you arrange your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any products provided by Tower Limited or AWP Services New Zealand Limited. Important terms, conditions and exclusions are set out in the Travel Insurance for Kiwibank Credit Cards Policy wording.

We are also updating the Travel Insurance Policy Wording to reflect this change and other minor changes:

• Important Information section in the policy wording is being updated to reflect the Tower / Allianz partnership and introduce AWP Services New Zealand Limited trading as Allianz Partners.

Travel Insurance for Insured Cards is underwritten by Tower Limited and managed by AWP Services New Zealand Limited trading as Allianz Partners (FSP758611). Tower Limited through AWP Services New Zealand Limited trading as Allianz Partners is solely responsible for any claims under the policy. Kiwibank Limited (including its related companies) doesn’t guarantee the obligations of, or any products provided by Tower Limited, AWP Services New Zealand Limited trading as Allianz Partners or its related companies.

• Provide more transparency by adding the following sections under the Important Information in the policy wording:
  • Fair Insurance Code
  • Dispute Resolution Process
  • Privacy Notice
  • Privacy Act 2020 and the Insurance Claims Register (ICR)
• Align copy to safe travel’s updated alert names (previously it was ‘extreme risk’ and is now called ‘do not travel’)
• Update the trading name of Tower Insurance Limited to Tower Limited

Date effective: 6 October 2021

Date published: 15 December 2021

We're making some minor changes to the Kiwibank Privacy Policy to reflect the definition of Kiwibank Limited to include successors, assignees, transferees and authorised agents.

Download a copy of our new Privacy Policy effective from 25 August 2021.

Date effective: 25 August 2021

Date published: 11 August 2021

We’ve made some changes to our Home Loan Terms and Conditions and Home Loan Summary. This includes simplifying the content and terminology. For example, where we previously said ‘portions and components’, we’ve now gone with the simpler term of ‘loans’. The changes we’ve made won’t affect the way your home loan currently operates.

We’ve included a summary of the changes to the Home Loan Terms and Conditions below.

Summary of changes

Electronic consent

We’ve updated how we communicate with you, including that you may receive key information electronically. Put simply, we can now send any updates electronically, instead of by mail. All you’ll need to do is make sure your email address is up to date. You can do that in internet banking or the mobile app under ‘Settings’. To find out more, see section 13 ‘How do we communicate with you?’, within the new Home Loan Terms and Conditions brochure.

Offset ratio

If you have a term loan with an offset variable rate, we’ve introduced an offset ratio, so the benefit of your offset product may change in the future. The current ratio is set at ‘1’ (meaning that for every $1 held in an offset account, $1 of lending is offset). There's no change to the current offset ratio. If we decide to change it in the future, you'll be notified in advance of the changes. To find out more, see section 4 ‘What interest do you pay on your loan?’, within the new Home Loan Terms and Conditions brochure.

Payments and top ups

We’ve included additional information about how you can:

• make payments on your loan, including when you can make lump sum payments
• top up your home loan
• change the amount of your regular payments.

Download a copy of the updated Home Loan Terms and Conditions and the sample Home Loan Summary. Both are effective from 25 August 2021.

Please note that the sample Home Loan Summary doesn’t include any customer specific lending information or figures.

Date effective: 25 August 2021

Date published: 4 August 2021

Summary of changes

We're moving all our business credit card customers from the Business Mastercard® to the Business Low Rate Visa. The Business Low Rate Visa will have a different card design, improved statement design and will include a new benefit, Corporate Liability Waiver Insurance.

From 3 August 2021:

• Business credit card customers will move from Mastercard cards to Visa cards and the product name will change from Business Mastercard to Business Low Rate Visa.
• You'll see an improved business credit card statement design. Customers will be sent the new design on their next billing date.
• Corporate Liability Waiver Insurance cover will commence for all business credit card customers.

We'll communicate with our business credit card customers leading up to the move to Visa to ensure they're informed and have the information they need to complete the move.

Find out more about our new Business Low Rate Visa.

You can find information about our Business Mastercard on our products no longer offered page.

Date effective: 3 August 2021

Date published: 5 July 2021

We’re changing our current Kiwibank Credit Card Terms and Conditions and introducing new business credit card terms and conditions.

If you applied for a Kiwibank Credit Card before 5 July 2021, the new Credit Card Terms and Conditions and new Business Banking Terms and Conditions will be effective from 2 August 2021.

Summary of changes

Credit Card Terms and Conditions

• We're removing our Business Credit Card from our Credit Card Terms and Conditions
• We’ve removed section 7. Business Card Limits, which applied to Business Credit Cards.
• The new Kiwibank Credit Card Terms and Conditions will be effective from 2 August 2021.

New Business Credit Card Terms and Conditions

• Business Credit Card Terms and Conditions will be introduced for all Kiwibank Business Credit Card customers.
• We've made the following changes to improve the clarity of when and how these terms apply in relation to Business Credit Cards:
  • The accounts and structure of a Business Credit Card has been defined at the beginning of the document under section 1. Definitions.
  • Current terms from the Kiwibank Credit Card Terms and Conditions have been updated to include the Business Credit Card specific definitions.
  • Terms that are specific to personal Kiwibank Credit Cards and that don't apply to Business Credit Cards will remain in the current Kiwibank Credit Card Terms and Conditions.
• We’ve added Section 19. Corporate Liability Waiver Insurance, a new benefit to our Business Low Rate Visa customers.
• The new Kiwibank Business Credit Card Terms and Conditions will be effective from 2 August 2021.

Download the updated Kiwibank Credit Card Terms Conditions or the new Business Credit Card Terms and Conditions. Both are effective from 2 August 2021.

Date effective: 2 August 2021

Date published: 5 July 2021

On Tuesday 5 July 2021, we're updating our Personal Banking Fees and limits brochure, Business Banking Fees and Limits brochure and NZHL Fees and Limits brochure, along with our website to include the Overseas ATM Transaction Decline Fee.

When you use your ATM/EFTPOS card or Visa Debit Card at an overseas ATM and the transaction is declined, you’re charged $1 per declined transaction.

Date effective: 5 July 2021

Date published: 21 June 2021

We've made changes to some of our Business Mastercard fees. These changes were effective from 5 July 2021.

The changes have been summarised below. See full descriptions of when each fee is applicable.

Business Mastercard fees being removed

We’ve updated our Home Loan Terms and Conditions. The change was effective from 1 June 2021.

Summary of change

We’ve replaced Section 2 – “When can your home loan documents change?” with the following wording:

"Your home loan agreement and these terms give us the right to make specific changes to your home loan agreement. For example, our right to reduce or cancel the maximum credit limit on an ongoing revolving portion.

In addition, we can change your home loan agreement, these terms and our fees n' limits brochure at any time, but we must give at least 14 days' notice before you are bound by the change.

Our general terms explain how those terms and conditions can be changed."

The words in bold have a specific meaning. You can find out the meaning of these words in our Home Loan Terms and Conditions.

The change makes it easier for us to roll out new and improved documents. While the change gives us a broader right to make changes, we’ll continue to treat you fairly and not use this right in an unreasonable manner.

Download a copy of the updated Home Loan Terms and Conditions effective from 1 June 2021.

Effective from: 1 June 2021

Date published: 17 May 2021

Update September 2023: Please note – since this public notice was published, we've removed policy wordings from our website.

You'll find more information about Credit Card Repayment Insurance on our products no longer offered page.

We've made the decision to stop offering Credit Card Repayment Insurance from 1 April 2021. Customers will no longer be able to apply for Credit Card Repayment Insurance when opening a new Kiwibank Credit Card account.

If you’re an existing Credit Card Repayment Insurance policy owner, your cover will remain in place. However, if you decide to change your Kiwibank Credit Card type or set up a joint credit card from 30 April 2021, your Credit Card Repayment Insurance cover will end and you won't be able to apply for Credit Card Repayment Insurance on your new card.

Kiwi Insurance has made the following changes to the Credit Card Repayment Insurance Cover wording to reflect this:

• Removal of the following paragraph which was on page 7 of the previous cover wording:

Kiwibank will set up a new Kiwibank Credit Card account for your new Kiwibank Credit Card. If the policy owner chooses to have Credit Card Repayment Insurance, Kiwibank will set up a new Credit Card Repayment Insurance agreement. The standard terms and conditions will apply.

• Minor wording changes to the Cardholder descriptor on page 7 of the previous cover wording.

Effective from: 1 April 2021

Date published: 25 February 2021

We've made some changes to our Membership Packages for partners including Mates Rates and Public Service Association (PSA) packages:

• From 1 April 2021: We've stopped offering Membership Packages to new customers
• From 1 April 2022: We will no longer offer Membership Packages benefits to existing customers.

For more information about the changes, visit our products no longer offered page.

Effective from: 1 April 2021

Date published: 10 December 2020

From Thursday 25 March 2021, we've stopped offering Bill Blaster, Front Runner and Now accounts.

This means from this date, you won’t be able to open a Bill Blaster, Front Runner or Now account. If you currently have a Bill Blaster, Front Runner or Now account, you'll be able to continue to use your account(s).

We've simplified our offering to one everyday account; Free Up account. Free Up has been our most popular everyday account with no monthly account or electronic transaction fees.

As a result of this change, we’re updating our Personal Banking fees and limits brochure. Our updated Personal Banking fees and limits brochure (effective 25 March 2021) will reflect these changes.

Effective from: 25 March 2021

Date published: 11 March 2021

We’ve updated the Personal Loans terms and conditions and the Personal Loans Repayment Protection Insurance Policy to include the Prescribed Statement Disclosure below as required under the Financial Markets Act 2013.

Prescribed Statement Disclosure – Latitude Financial Services Limited – Personal Loans

Kiwibank Personal Loans are provided by Latitude Financial Services Limited (Latitude). You are protected by responsible lending laws. Because of these protections, the recommendations given to you by Latitude about personal loans, credit cards and any credit related insurance products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.

Prescribed Statement Disclosure – Latitude Financial Services Limited – Personal Loans Repayment Protection Insurance

You are protected by responsible lending laws. Because of these protections, the recommendations given to you about any credit related insurance products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.

Download a copy of the updated Personal Loans terms and conditions effective from 15 March 2021. A copy of the updated Personal Loans Repayment Protection Insurance Policy will be made available upon request on 0800 549 454.

Effective from: 15 March 2021

Date published: 15 March 2021

We've made changes to the interest rates of our savings accounts following changes in the market. These changes were effective from Monday 1 March 2021. You can manage your savings and investment accounts through your internet banking or mobile app.

Interest rates and rates of return are subject to change.

*Minimum Investment $2,000

Kiwibank Notice Saver is a fund within a Portfolio Investment Entity (PIE). Units in Kiwibank Notice Saver are issued by Kiwibank Investment Management Limited and are distributed by Kiwibank Limited. Download the Terms and Conditions for Kiwibank Notice Saver.

Units in the Kiwibank PIE Online Call Fund are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited. Download the Terms and Conditions for the Kiwibank PIE Online Call Fund.

We've updated our Personal Banking fees and limits brochure.

Summary of changes:

From 1 February 2021, we no longer offer our Tertiary and Graduate Packs. Our updated Personal Banking fees and limits brochure (effective 1 February 2021) reflects these changes and was released on 12 February 2021.

For more information, please refer to the public notice below regarding changes to our student packages.

We've made changes to our Tertiary Pack and Graduate Pack. From 1 February 2021:

• We no longer offer our Tertiary Pack or Graduate Pack to customers
• Customers with a Tertiary Pack or Graduate Pack won't be able to extend it past the agreed expiry date.

If you're currently on a Tertiary Pack or Graduate Pack, your benefits will continue until the agreed expiry date. Graduate Pack customers with established personal loans keep the agreed rate until the term of their loan expires.