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Kiwibank brings two year rate below 4%

Kiwibank has slashed its two year fixed rate to 3.99% as New Zealand's lenders fight for a small pool of prime mortgage borrowers.

Tuesday, January 29th 2019, 9:45AM

Steve Jurkovich

The bank's low two year product came into effect this morning, as the state-backed lender looks to bring in more customers in a flat market. The new special rate is 20 basis points below its old 4.19% rate. 

It comes after the lender, led by Steve Jurkovich, (pictured) cut its two year rate earlier this month. The move is likely to see other lenders follow suit with their two year offerings.

The Kiwibank product will be available for customers with at least 20% equity in their home. The move comes as other major lenders slash their prices at the beginning of the year, raising the prospect of another price war.

Westpac cut its one year rate to 3.99% two weeks ago, as the big banks look to lure customers able to navigate tougher servicing tests and lingering LVR restrictions. 

Recent data shows first time buyers continue to be active in the market, raising their share of overall property sales, but movers have been more subdued. 2018 Q4 figures from research firm CoreLogic show owner-occupiers took a 26% share of the market, their lowest since mid 2009.

 

 

 

Tags: Kiwibank mortgages

« Reserve Bank proposals could force $2 billion mortgage hike: UBSInvestors struggle as first home buyers catch up »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.45 4.49 4.69
ANZ Special - 3.95 3.99 4.19
ASB Bank 5.80 4.49 4.49 4.45
ASB Bank Special - 4.09 3.99 3.95
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.05 3.99 3.95
BNZ - Std, FlyBuys 5.90 4.69 4.59 4.79
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 3.99 4.39
HSBC Premier LVR > 80% - - - -
HSBC Special - 3.69 3.69 3.95
Lender Flt 1yr 2yr 3yr
ICBC 5.79 3.99 3.99 4.49
Kiwibank 5.80 4.80 4.94 ▼4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 3.99 ▼4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 ▼4.46 ▼4.69
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.05 3.99 4.49
Sovereign 5.90 4.49 4.49 4.45
Sovereign Special - 4.09 3.99 3.95
The Co-operative Bank - Owner Occ 5.75 3.99 4.15 4.35
The Co-operative Bank - Standard 5.75 4.49 4.65 4.85
TSB Bank 5.80 4.55 4.49 4.65
TSB Special - 4.05 3.99 4.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.05 3.99 3.95
Median 5.89 4.49 4.49 4.47

Last updated: 17 April 2019 8:49am

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