Further to the Reserve Bank’s decision this afternoon, we're pleased to announce that we're making changes to our home loan and business lending rates.
Kiwibank’s General Manager, Home Lending, Nicole Pervan says: “The Reserve Bank’s announcement today allows us to pass on more benefits to borrowers, ultimately supporting customers by making lending more affordable. We’ve responded to these changes as we know the importance of this for Kiwi home and business owners. It’s a positive move for our economy.”
“We're also making changes to our mortgage test rate, reducing it from 7.5% to 7.0%, to provide greater financial flexibility for Kiwi. This will be effective from 24th February.”
Further details are below.
Home Lending
Effective from:
- Monday 24 February for new lending
- Monday 10 March for existing lending.
|
Previous rate |
New rate |
|
|---|---|---|
|
Term loan — Variable |
7.25% |
6.75% |
|
Term loan — Offset variable |
7.25% |
6.75% |
|
Revolving loan |
7.30% |
6.80% |
Business Lending
Variable business lending rates will decrease by 0.50%. Impacted customers will be notified ahead of their rate changing.
Deposits
Effective from Monday 24 February.
|
Previous rate |
New rate |
|
|---|---|---|
|
90 Day Notice Saver |
4.10% |
3.60% |
|
32 Day Notice Saver |
3.55% |
3.05% |
|
Previous |
New |
|||
|---|---|---|---|---|
|
Base rate |
Bonus rate |
Base rate |
Bonus rate |
|
|
Standard Online Call |
3.25% |
0.00% |
2.75% |
0.00% |
|
PIE Online Call |
3.25% |
0.00% |
2.75% |
0.00% |
|
Business Online Call* |
3.25% |
0.05% |
2.75% |
0.05% |
*Minimum balance of $2,000
Displayed interest rates are subject to change.
Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are funds within a Portfolio Investment Entity (PIE). Units in Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited.
For a full list of our current interest rates, see our rates & fees page.
Media contact: Ben Mabon, Head of External Communications 027 288 3263.
Home loan standard terms and conditions
Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.