PHOTO: Kiwibank
Kiwibank has dropped its one-year mortgage rate to reportedly the lowest-ever offered by a New Zealand bank.
The one-year rate is now 3.55 percent, and its two-year rate 3.65 percent, following last week’s surprise cut to the official cash rate (OCR).
Finance news site interest.co.nz said Kiwibank’s new one-year rate was the lowest in history from a New Zealand bank.
“The new Kiwibank rates involve an impressive cut of -24 basis points for the one-year rate and -14 bps for the new two-year rate, and this positions them much lower than all their main rivals in the big Aussie banks,” said author David Chaston.
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