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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

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