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Kiwibank Makes Further Cut To Home Loan Rate

MEDIA RELEASE


16 May 2008


Kiwibank Makes Further Cut To Home Loan Rate

Kiwibank has made a further cut to its two-year fixed- term home loan interest rate. Kiwibank has cut the rate to 8.99% per annum, effective immediately, making it the only major bank to offer a fixed term home loan rate below 9%.

Kiwibank Chief Executive Sam Knowles said there has been a clear softening in the interest rate market. “The other banks have this week brought their rates to nearly those offered by Kiwibank, so we are cutting this key term even further.”

“This rate will appeal to those home owners who have loans coming due for renewal. They will have been very nervous at refixing loans when rates were hovering near the 10% mark. A rate below 9% will be a much reduced rate shock.

“Kiwibank always wants to be fast to cut loan rates and slow to increase them. This latest cut fits with that strategy,” Mr Knowles said.


ENDS

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