Kiwibank bank cuts two-year mortgage rates
KIWIBANK BANK CUTS TWO-YEAR MORTGAGE RATES
Kiwibank has reduced its two-year home loan rate a further 15 basis points to 7.35 per cent per annum. The rate is significantly less than major competitors who are promoting rates varying between 7.50 per cent and 7.80 per cent.
Chief Executive Sam Knowles said the bank believes economic conditions including the decision by the Reserve Bank this morning to hold the official cash rate indicate there is room to make rate reductions.
"The two-year home loan rate is clearly attracting most mortgage business at the moment, so Kiwibank wants to make sure it has a market-leading price.
"Since the bank was launched more than three years ago we have always tried to be among the last to put rates up and first to bring them down," Mr Knowles said.
Kiwibank presently offers variable and revolving home loans at 8.50 per cent p.a.; one year at 7.70 per cent; two year 7.35 per cent and three, four and five-year rates at 7.50 per cent.For further information: