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Kiwibank Does It Again

MEDIA RELEASE

Friday, 1 August 2008

Kiwibank Does It Again

Kiwibank has taken a march on its rival banks by reducing home loan interest rates, cutting all of its fixed rates effective immediately.

The rate cuts include a reduction of the key three-year rate to 8.69% per annum and the one year rate to only 9.09%, significantly below competitor banks.

Kiwibank Chief Executive Sam Knowles said today’s cuts were another example of the New Zealand-owned bank delivering for New Zealanders who were purchasing a home or whose loans were coming due for renewal.

“The recent OCR announcement has provided us with an opportunity to make a tangible difference across all of our fixed rates and will provide some relief to home owners and home purchasers.

Mr Knowles said the bank was retaining its competitive advantage over the other main banks, some of whom had made some small reductions in some rates within the last two weeks.

“The cuts to our fixed rates are across the board. Unlike all other banks we’re providing savings on all fixed rates, irrespective of the time frame,” Mr Knowles said.

The Kiwibank bank rates are:

6 month 9.65% (down 0.10%); one year 9.09% (down 0.20%); two year 8.85% (down 0.14%); three year 8.69% (down 0.10%); four year and five year 8.95% (both down .04%). The three year rate is only available for home owners or home purchasers with 20% or more equity in the property.

ENDS

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