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State-owned bank follows mortgage market down with new 'special' offer, reprises its cash incentive for lending over $100,000

State-owned bank follows mortgage market down with new 'special' offer, reprises its cash incentive for lending over $100,000

Kiwibank has cut its 2 year 'special' to match the market.

It has adopted the 5.75% two year home loan rate that all other main banks are offering.

Like those others, this is a 'special' rate, with conditions.

However, they have also cut their standard two year rate to 6.19%.

The conditions for their 'special' rate require 20% equity.

In addition, they are offering a $2,000 cash bonus on new lending over $100,000 "when everyday banking is moved to Kiwibank".

This bring them back into offering a cash bonus. They had withdrawn to only offering Freedom Furniture gift card. But with BNZ also jumping back in to offer a nominated cash incentive recently, this lure is now hard for banks to avoid.

The cash bonus offer is only until November 17, 2014.

No other Kiwibank rates have been changed.

Fixed mortgage rates have been falling recently following a trend down in wholesale swap rates.

The Reserve Bank will be reviewing its official cash rate this Thursday and markets are not expecting any change at this review.

See all banks' carded, or advertised, home loan rates here.

The current non-rate incentive offers are here.

This is how the updated mortgage rates will compare as at 8:00 am Tuesday, October 28, 2014:

below 80% LVR 1 yr 18 mths 2 yrs 3 yrs 5 yrs
           
5.69% 6.25% 5.75% 6.09% 6.99%
ASB 5.70% 6.30% 5.75% 6.19% 6.99%
5.89% 6.25% 5.75% 5.85% 6.99%
Kiwibank 5.69%   5.75% 6.19% 6.79%
Westpac 6.09% 6.30% 5.75% 6.19% 6.49%
           
Co-op Bank 5.70% 5.89% 5.89% 6.19% 6.75%
HSBC 5.75%   5.75% 5.75% 6.99%
SBS Bank 5.85% 5.99% 5.99% 5.89% 6.79%
5.95% 6.05% 5.79% 6.30% 7.00%

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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
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Fixed mortgage rates

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3 Comments

Um, Freudian slip there, DC.  Inventive?

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gulp! Thanks

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