Kiwibank again slashes home loan interest rates
Kiwibank has today again reduced home loan interest rates, bringing most fixed rates below 9% per annum. The key three-year rate has been reduced to 8.79% per annum, significantly below competitor banks.
Kiwibank Chief Executive Sam Knowles said today's cuts were delivering on promises to "bring some relief to home owners".
"We have been monitoring the markets very carefully and have seized an opportunity to make immediate cuts. All fixed rates from two to five years are now below 9%. These rates are expected to be keenly sought after by home owners seeking to refix loans that have come due for renewal."
Mr Knowles said the bank had a competitive advantage in being able to use very strong growth in deposits to fund lending.
The Kiwibank bank rates are one year 9.29% (down 0.11%) ; two year 8.99%; three year 8.79% (down 0.26%); four year and five year 8.99% (both down .06%). The two and three year rates are only available for home owners or home purchasers with 20% or more equity in the property.
For further information:
Bruce Thompson (04) 460 6831.