Kiwibank has cut its one, two, and three year fixed mortgage rates by about 0.10% each, basically matching the best rate in the market for these terms. Its one year rate is now 6.15%, matching The National Bank, which previously had the lowest rate of any bank. Southern Cross Building Society has a one year rate of 6.10%. Kiwibank's two year rate is now 7.10%, beaten by TSB Bank on 7.09%. Its three year rate is 7.70%, which makes it as low as ASB's offer, and beaten only by HSBC's 7.69%. At the same time, rates for AMP Home Loans (which are supplied by Kiwibank) have been cut for fixed terms of 3 years, 4 years, and 5 years. The new AMP rates are now very similar to the Kiwibank offerings for these terms, which is unusual - usually the AMP product is priced at least 0.10% above the Kiwibank equivalent. So we expect that there will be further reductions in the 4 and 5 year offerings from Kiwibank in the week ahead. The full mortgage rate listings for all financial institutions are here >>
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.