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Kiwibank Cuts Home Loan Interest Rates
20 November 2008
MEDIA RELEASE
Kiwibank Cuts
Home Loan Interest Rates
Kiwibank has today cut its variable home loan rate to 7.95% to stay significantly less than the big Australian-owned banks.
Kiwibank Chief Executive Sam Knowles said it was clear there would be a substantial cut to the Official Cash Rate in early December and the bank “didn’t want to sit and wait”.
“We take pride in being fast to cut home loan rates and slow to increase them. Today we are cutting our variable and all shorter term rates.”
Kiwibank is offering a six month fixed rate of 7.49%; one year at 7.29% and two years at 7.59%. These rates require a home owner to have 20% or more equity in the property.
The new variable rate is effective immediately for new customers and in two weeks for existing customers. The new fixed rates take effect immediately.
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