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Kiwibank Moves To Lower Home Loan Rates After OCR Cut Announced
Kiwibank will pass on the full 0.75 percent official cash rate cut to customers with floating home loan rates.
Kiwibank will reduce its floating home loan rate from 5.15 percent to 4.40 percent.
Lending
| Product | Current rate p.a. | New rate p.a. | Change | ||||
|---|---|---|---|---|---|---|---|
| Kiwibank Variable | 5.15% | 4.40% | -0.75% | ||||
| Kiwibank Revolving | 5.20% | 4.45% | -0.75% | ||||
| Kiwibank Offset | 5.15% | 4.40% | -0.75% |
Kiwibank Chief Executive Steve Jurkovich says: “At Kiwibank, our commitment is to support our customers and the wider New Zealand economy as the Coronavirus (COVID-19) situation evolves. Like the government and businesses across New Zealand, we’re doing what we can to try to respond to the evolving situation.”
The disruption to travel and trade caused by coronavirus has affected a range of New Zealand businesses. Kiwibank is bolstering resources to support customers financially affected by the global outbreak.
The relief package features a range of possible support options for both business and personal customers. These may include:
- Temporary overdraft facility
- Interest only option for personal and business lending
- Three-month repayment holiday
Any business or personal customer concerned about their situation should get in touch with the New Zealand owned bank to discuss their needs.
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