Following the RBNZ Monetary Policy Statement last week (25 May 2022), Kiwibank is making changes to both its fixed home loan rates and its term deposit rates.
Kiwibank Senior Manager – Savings and Borrowing, Richie McLay says: “While we are first to move on this occasion, we aim to remain competitive in the market so both our lending and savings customers are getting a fair deal. We know the low interest rate environment has been challenging for some customers who rely on returns from savings, the higher term deposit rates on offer provide a lower risk option for steady returns.”
Kiwibank challenged the market in 2020 by significantly lowering its variable rates. Even with its latest increase, the New Zealand-owned bank’s floating rates are still below three of the majors, underlining its commitment to supporting more Kiwi to realise their home ownership goals.
Term Deposits
Headline rate: 3.15% p.a for one year. Minimum $10k investment.
|
Interest tier |
$10,000+ |
$5,000 - $9,999 |
||||
|
Current rate p.a |
New rate p.a |
Change |
Current rate p.a |
New rate p.a |
Change |
|
|
30 days |
0.50% |
0.60% |
0.10% |
0.40% |
0.50% |
0.10% |
|
60 days |
0.70% |
0.80% |
0.10% |
0.60% |
0.70% |
0.10% |
|
90 days |
1.15% |
1.25% |
0.10% |
1.05% |
1.15% |
0.10% |
|
100 days |
1.15% |
1.25% |
0.10% |
1.05% |
1.15% |
0.10% |
|
120 days |
1.50% |
1.65% |
0.15% |
1.40% |
1.55% |
0.15% |
|
150 days |
1.75% |
2.00% |
0.25% |
1.65% |
1.90% |
0.25% |
|
6 months |
2.30% |
2.50% |
0.20% |
2.20% |
2.40% |
0.20% |
|
200 days |
2.30% |
2.50% |
0.20% |
2.20% |
2.40% |
0.20% |
|
9 months |
2.40% |
2.65% |
0.25% |
2.30% |
2.55% |
0.25% |
|
1 year |
3.00% |
3.15% |
0.15% |
2.90% |
3.05% |
0.15% |
|
Interim interest |
||||||
|
1 year |
3.00% |
3.15% |
0.15% |
2.90% |
3.05% |
0.15% |
Home Loans
Headline rate: 5.19% p.a fixed for two years. Minimum 20% equity.
|
Product |
New special rate p.a* |
Current special rate p.a* |
New standard rate p.a (>80LVR) |
Current standard rate p.a (>80LVR) |
|
Variable / Offset |
5.50% |
5.00% |
5.50% |
5.00% |
|
Revolving |
5.55% |
5.05% |
5.55% |
5.05% |
|
6 month fixed |
5.10% |
4.80% |
6.10% |
5.80% |
|
1 year fixed |
4.85% |
4.55% |
5.85% |
5.55% |
|
2 year fixed |
5.19% |
6.19% |
||
|
3 year fixed |
5.39% |
6.39% |
||
|
4 year fixed |
5.55% |
6.55% |
||
|
5 year fixed |
5.79% |
6.79% |
* Minimum 20% equity. (Specials are also available for First Home Loan customers).
+ For all Bridging loans, the interest rate will be 1% above Kiwibank’s variable interest rate.
Media contact: Ben Mabon, Head of External Communications 027 288 3263.