KiwiBank has cut some of its home loan and term deposit interest rates, effective today.
Its six-month fixed special rate has been reduced by 16 basis points and is now 5.99%. The one-year fixed special rate has been reduced by 24 basis points and is now 5.55%. The two-year fixed special rate has been reduced by 14 basis points and is now 5.45%.
Special interest rates require minimum 20% equity.
Its one-year rate is the lowest of the major banks.
For standard rates, the six-month fixed term rate has been cut 16 basis points and is now 6.89%. The one-year fixed term standard rate has been cut 24 basis points and is now 6.45%. The two-year fixed term standard rate has been cut by 14 basis points and is now 6.35%.
KiwiBank has also cut term deposit rates for savers for terms between 90 days and one year.
All the major banks have lowered some fixed mortgage rates in recent weeks.
