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If you like a bit of flexibility in life, then a variable home loan could be for you.
Benefits at a glance
Interest rates are subject to change.
You'll pay a variable interest rate – it can change as the market does.
Flexibility to make extra payments whenever you like.
You can increase your regular repayments without paying a penalty.
How it works
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Variable interest rate
With a variable rate home loan (also known as a floating rate home loan), the interest you pay on your home loan can go up or down.
If interest rates fall, you’ll pay less in interest and pay off your home loan faster as we keep your repayments the same. However, if it rises, your repayments may increase so you need to have the room in your budget to cope with higher repayments.
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Making repayments
You'll have a minimum repayment amount which you'll pay on your set repayment date.
But you also have the flexibility to increase your repayments whenever you like or to make lump sum payments without paying a penalty. This can be handy if you come into some money like a pay rise or inheritance. If you want to reduce your repayments, you can also request this.
To change your repayments, send us a secure mail or call 0800 000 654.
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Mix it up
You don’t have to put your entire home loan on a variable rate.
You could also put parts of your home loan on a fixed rate home loan, offset mortgage or revolving credit home loan.
Start your home buying journey
Whatever stage you're at, we have home loans specialists and tools to help you through the process.
Get the right home loan for you
Standard terms and conditions
Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.