Kiwibank has reacted immediately to the decision by the Reserve Bank to exempt new residential construction from the lending “speed limits” that restrict low equity lending.

Kiwibank Chief Executive Paul Brock has announced a 4.99% floating rate special for new construction. The bank has already been promoting a 4.65% floating construction loan offer in Canterbury as part of its rebuild commitment for the area following the earthquakes.

Mr Brock said removing new construction from the loan restrictions is great news. “We are already able to provide Welcome Home Loans outside of the restriction. This enables us to help more people get into their own homes.”

The special floating rate offer of 4.99% for the first year from drawdown will be available until the 10th of January 2014. Normal lending terms and conditions apply.

For further information:
Communications Manager
Bruce Thompson
(04) 460 6831.