Kiwibank Cuts Home Loan Variable Rate – Again

19 February 2009
MEDIA RELEASE

Kiwibank Cuts Home Loan Variable Rate – Again

Kiwibank has cut half a percent of its variable home loan rate, bringing it down to an historic low of 5.99%.

Kiwibank Chief Executive Sam Knowles described the present interest rate market as “extraordinary” with the bank’s variable rate falling from a high of 10.20% to 5.99% in five months.

“There are strong indications that there will be a further cut in the Official Cash Rate next month, so we are cutting our variable rate in anticipation of this.

“We will continue to pass on savings as quickly as we can to customers. The variable rate is a good place for people with home loans to take the opportunity to watch and wait to see if rates will fall further. When the time is right, they can then look at going on to fixed term,” Mr Knowles said.

ENDS

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