Despite a rising interest rate environment Kiwibank has slashed its popular one-year fixed home loan rate to below 5% p.a. while keeping its one-year term deposit rate at 4% p.a.
Senior Product Manager for Home Lending Pip Maxwell said the move provided good options for both its lending and deposit customers.
“We are able to offer this one-year fixed term home loan rate after wholesale rates decreased slightly. It’s been our most popular option for customers over the past few years. This move underlines our commitment to helping Kiwi realise their home ownership goals.”
Customers can better understand what the rate will mean for their loan using the New Zealand-owned bank’s new repayments and structuring calculator, which supports customers compare and understand different home lending scenarios.
Home Lending
|
Product |
New special rate p.a* |
Current special rate p.a* |
New standard rate p.a (>80LVR) |
Current standard rate p.a (>80LVR) |
|---|---|---|---|---|
|
Variable / Offset |
6.00% |
6.00% |
||
|
Revolving |
6.05% |
6.05% |
||
|
6 month fixed |
5.45% |
6.45% |
||
|
1 year fixed |
4.95% |
5.19% |
5.95% |
6.19% |
|
2 year fixed |
5.45% |
5.69% |
6.45% |
6.69% |
|
3 year fixed |
5.89% |
6.79% |
||
|
4 year fixed |
6.05% |
6.85% |
||
|
5 year fixed |
6.29% |
6.99% |
*Minimum 20% equity. (Specials are also available for First Home Loan customers).
+For all bridging loans, the interest rate will be 1% p.a. above Kiwibank's variable interest rate.
Displayed interest rates are subject to change.
See our current rates and fees.
Media contact: Ben Mabon, Head of External Communications 027 288 3263.