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Banking Ombudsman Reminder

Selling a house or switching mortgages to another bank early could get unwary home-owners into significant financial peril.

In one case a man was asked to pay a total of $11,000 when he sold his house and paid off his mortgage earlier than expected.

As a result the Banking Ombudsman has issued a reminder to fully investigate the costs of terminating home loans early or changing banks.

“It pays to research your obligations and all the potential costs before moving your home loan.”

Read more in the original article: NZ Herald – $11,000 cost of ending mortgage early brings reminder from banking watchdog