Kiwibank has responded to the cut in the Official Cash Rate by the Reserve Bank by cutting all home loan rates. The bank’s lowest rate is the key one-year fixed term which has been reduced to 5.69% p.a.
Other major rate cuts by Kiwibank include the two year being reduced one per cent to 5.99% and the variable rate by 0.50% to 6.49%.
Kiwibank has already cut its rates twice this year with Chief Executive Sam Knowles expressing determination to keep leading the market. “The last year has been extremely volatile with fixed and variable rates pushing up to and beyond 10%. Now there is some relief in the market and Kiwibank is pushing through the savings for borrowers as quickly as possible.”
The rate changes by Kiwibank are: Variable down 0.50% to 6.49% p.a.; six month down 0.50% to 5.99%; one year down 0.30% to 5.69%; two year down 1.00% to 5.99%; three year down 0.50% to 6.49%; four year down 0.30% to 6.69%; five year down 0.10% to 6.89%. The cuts are effective immediately (in two weeks for existing variable home loan customers).
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