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Kiwibank Rate Changes – Variable Lending Rates Decreasing 0.25%
Kiwibank is decreasing its home loan and business variable lending rates by 0.25%.
Kiwibank Chief Customer Officer – Business, Elliot Smith says: “We’re pleased to respond promptly to today’s changes by the Reserve Bank, allowing us to pass on reduced interest rates to our customers.
“In the current high interest rate environment, we understand that any decrease in lending rates can lead to meaningful savings on loans and mortgages, enhancing affordability and financial flexibility for our customers.”
Home Lending
Effective from:
- Monday 19 August for new lending
- Monday 2 September for existing lending
| Product | Previous Rate | New Rate |
| Term loan - Variable | 8.50% | 8.25% |
| Term loan – Offset variable | 8.50% | 8.25% |
| Revolving loan | 8.55% | 8.30% |
Business Lending
Variable business lending rates will decrease by 0.25%. Impacted customers will be notified ahead of their rate changing.
Deposits
Effective from Monday 19 August:
| Product | Previous Rate | New Rate |
| 90 Day Notice Saver | 5.35% | 5.10% |
| 32 Day Notice Saver | 4.80% | 4.55% |
| Product | Previous | New | ||
| Base rate | Bonus rate | Base rate | Bonus rate | |
| Standard Online Call | 4.50% | 0.00% | 4.25% | 0.00% |
| PIE Online Call | 4.50% | 0.00% | 4.25% | 0.00% |
| Business Online Call* | 4.50% | 0.05% | 4.25% | 0.05% |
*Minimum balance of $2,000
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