Kiwibank drops home loan rates

Thursday 3rd July 2008

Kiwibank has reduced home loan interest rates, bringing most fixed rates below the 9% mark.

Its three-year rate was down to 8.99%, however it is offering 8.79% for loans up to an 80% loan to valuation ratio.

�We have been monitoring the markets very carefully and have seized an opportunity to make immediate cuts,� Kiwibank chief executive Sam Knowles says.

He says Kiwibank had been able to use strong growth in deposits to fund lending,

Kiwibank said its rates were: one year 9.29% (down 0.11%); two year 8.99% (no change); three year 8.79% (down 0.26%); four year and five year 8.99% (both down .06 per cent). The two and three year rates are only available for home owners or home purchasers with 20% or more equity in the property.

To compare Kiwibank's three year rate with other banks Click here

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