Kiwibank has started the new week with a small reduction in its 2 year home loans rate.
This new rates is a 'special' and only applies to new borrowers who have at least 20% equity as well as existing home lending at Kiwibank.
The new rate is 5.65%, a 10 bps reduction from its previous rate of 5.75% special. The 5.95% rate still applies for borrowers who can't meet the 'special' criteria.
This new Kiwibank rate for this term is matched by HSBC and Westpac, and bettered by Co-op Bank and SBS.
At the same time, Kiwibank has dropped its market leading 5.99% 3 year special, reverting to its standard 6.40% rate.
Refinancing at Kiwibank comes with a package of benefits the bank claims "could save you up to $2,000".
These include a free legal transfer service, no valuation required ("unless you're using an apartment, townhouse or leasehold property as your security"), and zero application fees.
However to qualify for these 'savings' borrowers must meet six criteria:
- the loan is over $50,000
- it's less than 80% of the current market value of the residential properties provided as security
- it can be transferred to Kiwibank without changing who owns the security
- it's secured by two or less securities
- the refinancing documentation is not signed under a power of attorney
- the refinancing doesn't form part of a series of same day transactions.
See all carded, or advertised, bank home loan rates here.
| 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs | |
 |
5.19% | 5.59% | 5.95% | 6.50% | 7.10% |
 |
5.15% | 5.65% | 5.70% | 6.40% | 6.99% |
| BNZ | 5.39% | 5.39% | 5.95% | 6.29% | 7.10% |
| Kiwibank | 5.25% | 5.65% | 6.40% | 6.90% | |
 |
5.15% | 5.75% | 5.65% | 6.50% | 7.10% |
| Co-op Bank | 4.99% | 5.59% | 6.20% | ||
 |
4.75% | 5.65% | 6.35% | 6.99% | |
| SBS / HBS | 4.95% | 5.45% | 5.45% | 5.99% | 6.55% |
| TSB | 5.40% | 5.65% | 5.85% | 6.45% | 7.00% |
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