Kiwibank moves to lower home loan rates after OCR cut

16/03/2020

Kiwibank will pass on the full 0.75% official cash rate cut to customers with floating home loan rates.

Kiwibank will reduce its floating home loan rate from 5.15% to 4.40%. Changes for new customers are effective Friday 20 March, and for existing customers Friday 3 April.

Product

Current rate p.a.

New rate p.a.

Change

Variable rate

5.15%

4.40%

-0.75%

Revolving rate

5.20%

4.45%

-0.75%

Offset rate

5.15%

4.40%

-0.75%

Kiwibank Chief Executive Steve Jurkovich says: “At Kiwibank, our commitment is to support our customers and the wider New Zealand economy as the Coronavirus (COVID-19) situation evolves. Like the government and businesses across New Zealand, we’re doing what we can to respond.”

The disruption to travel and trade caused by coronavirus has affected a range of New Zealand businesses. Kiwibank is bolstering resources to support customers financially affected by the global outbreak.

The relief package features a range of support options for both business and personal customers. These may include:

  • Temporary overdraft facility
  • Interest only option for personal and business lending
  • Three-month repayment holiday

Any business or personal customer concerned about their situation should get in touch with us to discuss their needs.


Media enquires contact: Kara Tait, Kiwibank External Communications Manager - 027 475 3521