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

 

Kiwibank Drops Two-year Home Loan Rate


Kiwibank has dropped its two-year fixed home loan rate to 2.49 percent, an offer that is significantly lower than others in market.

Kiwibank Chief Executive Steve Jurkovich said in this rising rate environment the bank was providing certainty to its customers.

Kiwibank’s variable rate is also changing from 3.4 to 3.75 percent which still leaves it well below all major competitors.

At the time of the flexible rate reset in June 2020 Jurkovich said the move would result in interest savings of $20 million for more than 35,000 thousand Kiwibank home loan and business banking customers. This move was not matched by its much larger competitors.

Today he confirmed customers with a flexible rate on a $400,000 home loan would have saved $4,000 in interest over the past year.

“We challenged the market by reducing the pricing gap between fixed and floating rates giving our customers greater flexibility, choice and savings. In a time of uncertainty, we wanted to provide Kiwi an opportunity to pay back their loans faster, save, or buy local and support our economy.

“I’m proud that as a challenger we are providing Kiwi with a real alternative to the Australian-owned banks as well as supporting the growth and progress of all New Zealanders.

“We will continue to pursue our goal to lead the New Zealand financial services industry by being a better banking alternative that’s committed to being fair and easy for Kiwi, the businesses they own, and for future generations,” Jurkovich concluded.

Rate changes are effective from Monday 19 July 2021.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Science Media Centre: Understanding DDoS cyber attacks – Expert Reaction

Cyber attacks have hit several New Zealand organisations this month, disrupting their online services. The Distributed Denial of Service (DDoS) attacks were the same kind of cyber attack that affected the NZX around this time last year... More>>


Financial Markets Authority: Spike in investment scam complaints since COVID

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – is warning New Zealanders to be on the lookout for three unique types of scams that have been on the rise since the start of COVID-19. The warning comes as the FMA responds to a rise in complaints about investment scams and fraud lodged with the regulator in the first half of this year... More>>


Statistics: Strong export growth narrows current account deficit to $3B

The seasonally adjusted current account deficit narrowed to $3.0 billion in the June 2021 quarter, Stats NZ said today. The current account deficit was $2.2 billion narrower than the previous quarter due to an increase in value of goods exports (up $1.4 billion) and services exports (up $1.7 billion... More>>




Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>


Energy-from-waste: $350 Million Plant To Deliver Renewable Energy Considered

Investigations have begun into the viability of building an Energy-from-Waste plant that will safely convert 350,000 tonnes of waste, that would otherwise be dumped into South Island landfills annually, into renewable electricity... More>>

Olam: Confirms plans for commissioning of NZ dairy plant

OFI, a global leader in natural and sustainable food ingredient solutions, today confirmed plans to develop a new dairy processing facility at Tokoroa. It is now taking expressions of interest from potential farmer suppliers, employees, contractors, and general trade suppliers... More>>