Kiwibank cuts six month fixed mortgage rate in second 'limited time' special offer so far this year

Kiwibank cuts six month fixed mortgage rate in second 'limited time' special offer so far this year

Kiwibank is cutting its six month fixed term mortgage rate by 40 basis points to 5.95% from 6.35% for "a limited time only."

The state owned bank says the change is effective from 8am on Friday morning.

The temporary cut from Kiwibank, whose mortgage book probably pushed above NZ$10 billion in the December quarter, follows a temporary 30 basis points cut to the bank's one year fixed rate in January which gave it the lowest advertised one-year rate offered by a bank at 6.15%. That "limited time" offer lasted for three weeks.

Kiwibank said today the six month cut was being promoted as another “special” and would only be held for a limited time. The 5.95% rate means Kiwibank now advertises the lowest six month rate among the major banks aside from HSBC's 5.74% for well heeled customers. See all bank mortgage rates here.

The temporary six month rate is lower than Kiwibank's 6.15% variable, or floating, rate.

 

 

 

 

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Good on Kiwibank. If they can put out these specials why are the aussies banks not doing the same. I rang up Westpac today and was on hold for 30 minutes before they answered and they were not willing to match the kiwibank rate. Just shows that they are just out to rip off the kiwi's. Looks like my mortgage is moving to kiwibank.

Have a look at the loan documentation, Tranny. I think you'll find your loan is already there! You work for them, after all?

I went the other way. I had a Mortgage with Kiwibank and sold my place. Bought a new place and decided to go floating. The Kiwibank Floating rate was 6.15 and they wanted to charge me $6K for borrowing 81%. Westpac floating rate is 6.1 with .25% penalty while I am over 80%. Kiwibank were trying their best to match it, but it felt like they would end up having to get it signed off by Paul Brock himself! I found them very hard to deal with, so I switched.
It seems each bank has their own target Market, and I wasn't Kiwibanks!

Only if you have 20% equity or they tell you to go away, or penalise you 8K.

I have looked at my documentation. It states my rate as 6.74% and all I was doing was getting Westpac to match Kiwibank to no avail. No I do not work for Westpac.

Interesting points made by Mortagedup. From my point of view you got a good deal. I guess from my expirance of the service from Westpac and what i'm getting from Kiwibank it makes sense to move + i  it seems i have to jump through hoops to get George Frazis to sign off my discount.

The banks are getting desperate....soon they will use the "free" bait trick.....you too can have a mortgage and the first month is interest free....

Seems the public has finally....after acting with utter brainlessness for years...woken up to the FACT that they have been treated like friggin morons by the banks in a property bubble frenzy.....hahahahaaaaaahahaha.

 

I am not sure all those who borrowed from the Banks were friggen morons as you state by FACT.

Same knew what they were doing and knew when to bail out when they saw the signs of a overheated market and where the fundamentals were being ignored (you are not the only property expert out there).

Yes there were a number who got sucked in by the frezzy and the likes of "Rich Mastery"  and there was also some lending by Banks and other outfits which could be deemed reckless.

On the other side there were bankers being called "friggen morons"by loan applicants and mortgage brokers because they wouldn't lend them the money because the numbers didn't stack up.

Appears everyone out there is wrong unless they agree with your views, sorry FACTS!!!!!

 

Kiwibank are currently lending 95% on housing.