Kiwibank has passed on the full 0.5 percent OCR rate cut to its customers with variable home loan rates.
“Kiwibank is committed to be the better banking alternative, a bank that provides real value for money. We are making these changes so that our home loan customers receive the full benefit of market changes,” says Chief Marketing Officer Mark Wilkshire.
These new rates by the New Zealand-owned bank see it having the lowest variable rate in the market (effective Monday 12 August for new customers and Monday 26 August for existing customers).
Variable savings product Notice Saver is decreasing by 0.4 percent (effective Monday 12 August).
Lending
Product |
Current rate p.a. |
New rate p.a. |
Change |
|
Kiwibank Variable |
5.65% |
5.15% |
-0.50% |
|
Kiwibank Revolving |
5.70% |
5.20% |
-0.50% |
|
Kiwibank Offset |
5.65% |
5.15% |
-0.50% |
Deposits
Product |
Current rate p.a. |
New rate p.a. |
Change |
|
Notice Saver – 32 days |
2.10% |
1.70% |
-0.40% |
|
Notice Saver – 90 days |
3.10% |
2.70% |
-0.40% |
Media enquiries contact: Kiwibank External Communications Manager - 027 475 3521