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December 2019

Early repayment charges /

Bank applied early repayment interest charge correctly

Roland took out a $1.5 million loan to buy a commercial property. The loan’s interest rate was fixed…

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November 2019

Early repayment charges /

Loan a month off completion, but cash contribution must still be repaid

Sydney took out a three year fixed-interest rate loan with the bank. About two and a half years lat…

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November 2019

Credit laws and banking / Concerns about lending decisions /

Bank didn’t use bankruptcy information but was entitled to hold it

Casey applied for a home loan from his bank, which the bank declined, citing a bankruptcy debt it ha…

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November 2019

Mortgagee sales /

No grounds for upholding loan payment dispute

Ivan signed a settlement agreement to resolve a dispute with the bank after being unable to keep up …

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November 2019

Early repayment charges /

Loan agreement spelt out possibility of early repayment fee

Crystal took out a home loan with an interest rate fixed for two years. A year later, she decided to…

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October 2019

Kiwisaver /

KiwiSaver withdrawal involving Australian superannuation

Dean spent three years working in Australia, and during this time contributed to an Australian workp…

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October 2019

Mortgagee sales /

Bank leapt straight to action of last resort

Ryan had a home loan, a condition of which was that he paid the council rent when it fell due (it wa…

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October 2019

Fraud & scams /

Bank not liable for fraud loss

Nilam received a call from a fraudster claiming to be from her overseas bank. Caller ID confirmed th…

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October 2019

Account information /

Inconsistent details no grounds to withhold release of funds

Freddy, a British resident, had been trying for four years to withdraw money from his New Zealand ac…

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Case notes

Bank applied early repayment interest charge correctly

Loan a month off completion, but cash contribution must still be repaid

Bank didn’t use bankruptcy information but was entitled to hold it

No grounds for upholding loan payment dispute

Loan agreement spelt out possibility of early repayment fee

KiwiSaver withdrawal involving Australian superannuation

Bank leapt straight to action of last resort

Bank not liable for fraud loss

Inconsistent details no grounds to withhold release of funds