Kiwibank is decreasing interest rates on its floating home loan products after the official cash rate was cut today.
“This good news for customers with variable home loan products. We are making these changes so that our home loan customers get the benefit of market changes,” says Chief Marketing Officer Mark Wilkshire.
Kiwibank’s floating home loan rate has decreased by 15bps (see table). Kiwibank’s funding costs are primarily driven by customer deposits. The New Zealand owned bank’s variable rate deposit products, Notice Saver and Online Call, have also decreased by 15 basis points.
“This announcement is an example of Kiwibank leading the market and putting customers first. We are constantly reviewing our rates to ensure that we are competitive, and both our deposit and lending customers are getting a fair deal,” Mr Wilkshire said.