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Kiwibank Matches Reserve Bank Interest Rate Cut
23 October 2008
MEDIA RELEASE
Kiwibank Matches Reserve Bank Interest Rate Cut
Kiwibank has reacted immediately to the cut in the Official Cash Rate by the Reserve Bank Governor by making a matching one per cent cut to its variable home loan rate.
Kiwibank Chief Executive Sam Knowles said the new variable rate is 8.70% per annum with immediate effect for new customers and in two weeks for existing customers.
"We are also making cuts across the board to our fixed term rates," Mr Knowles said.
Kiwibank cut the premium two-year to below 8% late last month in anticipation of today's OCR reduction and has now passed on an additional small cut for this rate to 7.79%. The one year rate has also been cut to 7.99%.
Mr Knowles said the quick cuts were all part of the bank's strategy to be "slow to rise, but fast to fall" with home loan rates.
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