Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Kiwibank reduces one-year fixed-term home-loan rate

Kiwibank reduces one-year fixed-term home-loan rate despite no change to OCR

Friday 15 November 2019

Kiwibank reduces one-year fixed-term home-loan rate despite no change to OCR

Despite no change to the official cash rate this week Kiwibank is reducing its one-year fixed-term home-loan interest rate from 3.55% to 3.39%, a new record low. The New Zealand owned bank has good news for savers too, increasing its one-year term-deposit rate from 2.70% to 2.75%.

“Implications from the ‘no rate change’ decision were that wholesale rates increased. It’s likely we’ll be the outlier reducing our one-year home-loan rate but that is a position we’re comfortable to hold,” said Chris Greig, Kiwibank General Manager for Borrowing and Savings.

“We’re keen to see a continuation in the momentum we’ve had in growth over the past year as more New Zealanders choose to bring their banking to Kiwibank.

The wholly-owned New Zealand bank is also currently offering a sweetener in the form of a $3,000 cash back for those that have at least $250,000 in new lending and wish to make the switch to Kiwibank.

There is a minimum 20% equity for the one-year lending rate and cash back offer. The new rates are effective from Monday 18 November and will available for a limited time.

Kiwibank’s variable home loan rate remains the same at 5.15% and its two-year fixed rate is increasing from 3.45% to 3.55%.

“We’ll continue to review our rates to ensure that we are competitive, and both our deposit and lending customers are getting a fair deal,” Greig said.

ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Federated Farmers: Applauds UK-Australia Free Trade Deal

News that Australia and the UK have signed a free trade agreement is a promising step forward in the fight against tariffs and protectionism, Federated Farmers says.
"It reinforces the international rules-based trading framework and is important for rural producers and global consumers," Feds President Andrew Hoggard says... More>>




ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>

Reserve Bank: Debt Serviceability Restrictions Added To Policy Toolkit

The Reserve Bank – Te Pūtea Matua and the Minister of Finance have agreed to update their shared Memorandum of Understanding (MoU) on macro-prudential policy and add debt serviceability restrictions to the list of potential tools available... More>>