The offer is designed to put money back into Kiwis' pockets at a time of rising costs
Kiwibank is offering 1% in cash, up to $10,000, for people taking out a new home loan with the state-owned bank.
The cash contribution is applicable for new home loan applications from June 07 to June 28, depending on meeting certain conditions.
The Kiwibank offer is available on new lending of at least $300,000, and conditional on the borrower having at least 20% equity, an income credited to a Kiwibank account, and a banking relationship with Kiwibank not changing significantly for four years, Stuff reported.
Reserve Bank’s OCR hikes have seen banks lifting interest rates on mortgages, increasingly putting the squeeze on homeowners - first-home buyers in particular.
Read more: Kiwibank hikes home loan rates near 7%
The offer aimed to put money back into Kiwis’ pockets at a time of rising costs, said Pip Maxwell​, Kiwibank senior product manager for home lending.
Read next: Kiwibank chief economist warns about impacts of OCR increase
The bank recently launched Co-own, an alternative option to traditional homeownership where people can team up to get on the property ladder sooner. It was a pathway to setting up joint borrowing arrangements, so the deposit could be combined, and property-related payments shared, Stuff reported.
