Kiwibank has cut some of its fixed home loan rates, reducing rates on its 2-year and 3-year terms from today.
The state-owned bank dropped its 2-year special fixed home loan lending term by 16 basis points to 5.29% from 5.45% — the lowest equal rate with ASB and BNZ.
The 3-year special was cut by 10 basis points to 5.59%, down from the previous rate of 5.69%.
The special rates are available to customers with minimum 20% equity.
Standard rates on 2-year and 3-year fixed terms also decreased from 6.35% and 6.49% to 6.19% and 6.39% respectively.
Yesterday, ASB lowered some of its fixed home lending rates, reducing rates on 1-year, 18-month, and 2-year terms. All major banks have been lowering some fixed home loan rates in recent weeks.
The Reserve Bank will review the Official Cash Rate on February 19.
