If you’ve been financially impacted by COVID-19 and need support, see the range of initiatives we’ve put in place if you’re a personal banking customer or a business banking customer. For all other COVID-19 updates, see here.
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Due to regulatory changes, internet banking and our mobile app will be unavailable for a short time, between the hours of 4am and 7am, on Wednesday 1 April 2020. Sorry for any inconvenience caused.
You can link any of our savings and everyday accounts (but not Term Deposits, KiwiSaver, Notice Saver, PIE Online Call and PIE Term Deposits). A savings or everyday account can only be linked to one offset mortgage.
You can also get your family involved to save even more. You can use your partner's, parents' and children's Kiwibank savings and everyday accounts to your offset mortgage – up to eight accounts in total.
You use your savings and everyday accounts as usual – interest is calculated daily, so the more you have in your linked accounts day-to-day, the more you’ll save.
Because your linked accounts are offsetting the interest you’re paying on your home loan, you won’t earn any credit interest on them.
An offset mortgage has a variable rate – it can change as the market does. Interest is calculated daily, so the more you have in your linked accounts day-to-day, the more you’ll save.
You have set repayments on set dates and you make them the same way you would on a standard variable loan. Because it’s a variable rate, you can make extra repayments whenever you like without paying a penalty.
You don’t have to put your whole loan in an offset mortgage. You can choose to have part of your home loan on a fixed interest rate and part of it on offset. If you decide you want to fix all of your home loan, we’ll just de-link your accounts from your home loan and they’ll go back to earning credit interest as usual.