Scoop has an Ethical Paywall
Kiwibank Raises Interest Rates
Kiwibank today raised its variable home loan interest rate reflecting recent market movement and still remains significantly lower than other main banks.
The Chief Executive of Kiwibank, Sam Knowles, said the new variable rate of 6.70 per cent is the level the major banks were at before they lifted their rates. "Kiwibank does not charge any loan establishment fees and has a free legal transfer service for customers refinancing loans from other banks. This means customers moving to Kiwibank will avoid the rises announced in recent days."
The new variable rate is effective from 26 March for new customers and 15 April for existing customers.
Kiwibank's variable home loan rate is 6.70 per cent, up from 6.10 per cent.
Kiwibank's one year fixed rate is 7.0 per cent (previously 6.45 per cent).
Interest rates paid on term deposits have also increased by between 0.50 and 0.80 per cent. Kiwibank is now offering 5.50 per cent for 90 days for deposits over $5000.
ENDS
NIWA: Ship Anchors May Cause Extensive And Long-lasting Damage To The Seafloor, According To New Research
New Zealand Customs Service: A Step Forward For Simpler Trade Between New Zealand And Singapore
Horizon Research: 68% Say Make Banks Offer Fraud Protection
NZ Banking Association: Banks Seek Government Support For Anti-Scam Centre
National Road Carriers: Praises NZTA State Highway Investment Proposal Turnaround
Greenpeace: Cameras Reveal Mass Underreporting Of Dolphin, Albatross And Fish Bycatch By Commercial Fishing Industry
