Kiwibank has announced a new 6 month mortgage special of 5.40% until the end of April.
Its previous 6 month mortgage rate was 5.75%. Kiwibank left its floating rate unchanged at 5.65%.
This is a record low mortgage rate offered by Kiwibank since it launched nine years ago.
"We have launched a couple of short-term specials this year and they have proved very popular attracting new business and also giving customers the chance to lock in a great rate and have some certainty in uncertain times,” Brock said.
Kiwibank's 5.40% rate is the lowest in the market except for HSBC, which offers a 4.99% deal to 'Premier' customers who borrow more than NZ$500,000 and buy insurance through HSBC.
Brock told Interest.co.nz in a double shot interview with Gareth Vaughan last month it was borrowing hundreds of millions of dollars offshore from the European Commercial Paper or 'hot money' markets at 90 day terms. See the interview above.
(Updated with link back to interview detailing foreign borrowing; correcting second reference to floating rate. Correct rate is 5.65%)