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Kiwibank smashes record with 2.65% home loan

Mortgage rates continue to plummet to record-lows, with Kiwibank launching a one-year home loan at 2.65%.

Friday, May 22nd 2020, 2:58PM

The 2.65% one-year term is set to become the cheapest in the market, edging ASB's 2.69% two-year rate, which came into effect at the weekend.

Kiwibank's new rate is effective from May 25, and represents a cut of 34 basis points. 

The cut comes alongside a series of other rate reductions. Kiwibank's two-year rate falls to 2.79%, a drop of 60 basis points. 

The state-backed bank's three-year rate is now 3.25%, four-year is out at 3.45% and five-year at 3.55%. 

The cuts represent heated competition in New Zealand's home lending market following pressure from the Reserve Bank to drive down mortgages. 

Kiwibank's head of borrowing and deposits Chris Greig said the new low rates would help borrowers "get ahead and fulfil their home ownership goals, as well as supporting those over the longer term who might be in a tougher position due to the impact of Covid-19".

Kiwibank's new rates are available to new and existing customers with at least 20% equity. 

Greig said Kiwibank would "continue to review our rates to ensure that we are competitive".

BNZ also launched lower rates on May 25. The bank will offer 2.99% to owner-occupiers and investors on 18-month to five-year rates, and 2.79% on a one-year term.

Tags: BNZ home loans Kiwibank Lending Mortgage Rates mortgages

« ASB ramps up price war with 2.69% mortgageResimac eases criteria for investors »

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  • a2: could the milk be starting to turn?
    “Great Fundemental look.I guess in the ASX50 . as long as Aussies still love buying the Dip..its no worries Graeme Adams...”
    1 day ago by Graeme33
  • It starts with governance
    “Hi David and thanks for your words also. I did read the FMA stuff before the post and also in my first response mention...”
    2 days ago by gavin austin adviser business compliance
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    “Sadly, AMP is becoming less and less relevant. Apart from this tiny blip of positive cash inflow, they've been bleeding clients...”
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  • It starts with governance
    “Good words Gavin - might also mention the FMA publication - https://www.fma.govt.nz/compliance/guidance-library/corporate-governance-in-new-zealand-principles-and-guidelines/...”
    2 days ago by dcwhyte
  • It starts with governance
    “adviser1 - go talk to Partners Life. they have a great tool to help with this sort of stuff. ...”
    2 days ago by Tash
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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 ▼3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 ▼3.55 ▼3.49 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 14 August 2020 1:06pm

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