Fresh from posting a near trebling of its half-year profit, Kiwibank has launched another of its "special, limited time only" home loan rates by cutting its six month, fixed-term rate by 26 basis points to 5.39% per annum from 5.65%.
Kiwibank spokesman Bruce Thompson said the “special” rate was aimed at customers seeking some level of certainty over the short-term and undercuts the bank’s floating, or variable, rate of 5.65%.
However, it's higher than the 4.99% six-month fixed special Kiwibank offered before Christmas.
In January the bank also launched a 5.99% four year, fixed-term special rate with this offer requiring a minimum 30% deposit.
Typically the special rates last for about three weeks.
Meanwhile, Westpac has cut its three, four and five-year fixed-term home loan rates.
Each rate has been cut by 35 basis points with the new three year rate 6.1%, four-year rate 6.5% and five-year rate 6.9%. Westpac's three and five year cuts bring it in line with most of its rivals. However, its four-year rate is still bettered by the Co-Operative Bank's 6.45%.
The new Kiwibank six month offer undercuts the previous best rate advertised by a bank for the period, which is 5.49% from HSBC, although that's only available to HSBC's premier customers. Westpac is next best with a 5.59% six month rate. See all advertised bank home loan rates here.
In today's half-year results briefing Kiwibank CEO Paul Brock said most of the bank's lending growth - NZ$1.1 billion or 10% in the six months to December 31 - came from customers it won off other banks in a deleveraging environment.
(Update adds Westpac cuts.)
6 Comments
Same question could be asked of governments around the globe trying to inflate 'credit' (debt) on the citizens of every nation, whether directly trying to encourage it OR borrowing themselves on our behalf via selling treasury bonds galore at anyprice (interest rate) making damn sure all citizens will have massive tax increases both transparent AND stealth such as real inflation/cost of living hikes
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