The bank has a new calculator to help customers compare and understand different home lending scenarios
Kiwibank has cut its popular one-year fixed home loan rate to below 5% p.a.– this despite a rising interest rate environment.
From its current rate of 5.19%, the New Zealand-owned bank is now offering a special rate of 4.95%.
Read more: Kiwibank hikes home loan rates near 7%
Kiwibank also said it is keeping its one-year term deposit rate at 4% p.a.
“We are able to offer this one-year fixed term home loan rate after wholesale rates decreased slightly,” said Pip Maxwell, senior product manager for home lending. “It’s been our most popular option for customers over the past few years. This move underlines our commitment to helping Kiwi realise their homeownership goals.”
Read next: Kiwibank announces offering for new home loan borrowers
To better understand what the rate mean for their loan, customers can use Kiwibank’s new repayments and structuring calculator, which enables them to compare and understand different home lending scenarios.
