Kiwibank Slashes All Fixed Mortgage Rates after OCR

27 October 2011

Kiwibank Slashes All Fixed Mortgage Rates after OCR

Kiwibank has today cut all of their fixed home loan rates by between 0.10% and 0.51% after the Reserve Bank announced the Official Cash Rate was remaining unchanged.

The changes in full are: 6 months cut by 0.10% to 5.65%, 1 year cut by 0.15% to 5.65%, 2 year cut by 0.41% to 5.89%, 3 year cut by 0.31% to 6.39%, 4 year cut by 0.51% to 6.79 and 5 year cut by 0.41% to 7.19%.

Kiwibank Chief Executive Paul Brock said the changes reflect an expectation that rates will stay low for the time being.

“We think that the right thing to do in this market is pass on the benefit of lower rates for all customers whenever we can,” Mr Brock said.

The rate changes are effective from 28th October.

ENDS

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