Making extra payments to my variable home loan - can't do this online or via app


#1

I just called BNZ to confirm - there’s no option available today to make a transfer to pay down my variable home loan. Is this feature coming soon?

The whole reason I have a variable facility (and a higher interest rate on this portion) is so I can be ‘good with money’ and pay it down faster.

Pretty sure every other NZ bank has this feature. My feedback would be that to me it feels a bit anti-consumer - i.e. there’s a barrier to paying off my home loan faster where I need to call and wait on hold and be transferred around in order to make a transfer (when I can do this in seconds via mobile app at other banks).

I found a couple of old threads from 2016 where this feature was mentioned to be coming… is it almost ready now?


#2

Thanks for the valuable feedback! @Nick could you tell us if this is a feature we’re looking into?


#3

Hi there @BNZcustomer! One option to save you a call is to send us a Secure Message through your Internet Banking. Your payment request will be completed within 48 hours :slight_smile: Thanks, Emma


#4

That’s insane! Why can one NOT make an extra payment on a floating term loan? I can understand on fixed term loans but floating? Somebody please, get your heads out of you know where and implement this. Like yesterday.

And, having worked closely with technology experts I do not believe this would take considerable time to implement. Should be doable and up and running within 14 days.


#5

Emma why does it have to be this hard? Why can’t I just make a transfer to a variable loan like moving money between my accounts


#6

Clearly wanting us to be “good with our money” comes second to them making massive profits.