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Kiwibank Rate Changes
Further to the Reserve Bank’s decision this afternoon, we are pleased to announce that we are making changes to our variable home loan and business lending rates.
Kiwibank’s General Manager, Home Lending, Nicole Pervan says: “We are responding quickly to the Reserve Bank's changes by lowering our interest rates to help our customers save on mortgages and business lending, making them more affordable. As interest rates decrease, we are seeing signs of increasing confidence and movement in the housing market."
“We are also reducing our mortgage test rate from 8% to 7.5% to provide greater financial flexibility for our customers. This will be effective from Monday, 2 December.”
Further details are available below.
Home Lending
We are making changes to our Home Loan fixed rates effective from Monday, 2 December for new lending and Monday, 16 December for existing lending.
| Product | Previous Rate | New Rate |
| Term loan - Variable | 7.75% | 7.25% |
| Term loan – Offset variable | 7.75% | 7.25% |
| Revolving loan | 7.80% | 7.30% |
Business Lending
Variable business lending rates will decrease by 0.50%. Applicable customers will be notified ahead of their rate changing.
Deposits
Effective from Monday 2 December
| Product | Previous Rate | New Rate |
| 90 Day Notice Saver | 4.60% | 4.10% |
| 32 Day Notice Saver | 4.05% | 3.55% |
| Product | Previous | New | ||
| Base rate | Bonus rate | Base rate | Bonus rate | |
| Standard Online Call | 3.75% | 0.00% | 3.25% | 0.00% |
| PIE Online Call | 3.75% | 0.00% | 3.25% | 0.00% |
| Business Online Call* | 3.75% | 0.05% | 3.25% | 0.05% |
*Minimum balance of $2,000
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