Kiwibank extends mortgage special

Kiwibank extends 6 month mortgage special rate of 5.4% by an extra week to May 9 after "big response from home loan market"

29th Apr 11, 9:36am by Bernard Hickey

Kiwibank has announced it will extend its record low 6 month mortgage special rate of 5.4% for an extra week to Monday, May 9.

The special launched on April 14 was due to expire at the end of April. Once the special has expired, Kiwibank's 6 month rate will return to 5.75%, Kiwibank said.

See our April 14 article on Kiwibank's special rate.

Kiwibank Communications Manager Bruce Thompson said the introduction of short-term rate specials had proved very effective in attracting new business.

“When the six-month special was launched, we promised to hold it until the end of the month. We’ll keep it open for the first week of May because we are still getting a big response from the home loan market," Thompson said.

Kiwibank is keeping its floating mortgage rate on 5.65%.

See all bank mortgage rates here.

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Source: interest.co.nz

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12 Comments

by Muppet King | 29th Apr 11, 9:53am 1304027598

Come on guys, at the end of the day, you just have get down and do it. LOL

by SK | 29th Apr 11, 10:10am 1304028656

You know it makes sense!

by Nicholas Arrand | 29th Apr 11, 10:21am 1304029265

How embaressing! Kiwibank put's it's produce on sale, and it still has a remainder at the end of the limited time. "If it's not selling; drop the price" Rates have far further to fall, as the property buying impetus shrivells....

by PeterPen | 29th Apr 11, 10:34am 1304030043

New Zealand, land of the million dollar shed ...

Ya, I am thrilled at the news, too. Finally, something new coming out of this exciting country :-)

by Nicholas Arrand | 29th Apr 11, 10:38am 1304030298

If you were the Auckland zookeeper, and you’d seen a Zark, a previously benevolent and benign animal, maul and disembowel your fellow zookeepers in London, Dublin, Los Angeles, Lisbon, Madrid, Athens and a number of other zoos; Would you keep feeding your Zark the same food, and not change your handling habits, just because it hadn’t attacked you, yet? Personally, I’d change its diet, and stand well clear…..

by Muppet King | 29th Apr 11, 10:55am 1304031346

Or put it down.

by Alex13 | 29th Apr 11, 12:02pm 1304035377

I think Zark was mistreated in the other zoos and reacted accordingly. The other zoo never misttreated Zark and, reasonably, it never attacked...

by Nicholas Arrand | 29th Apr 11, 12:38pm 1304037484

The problem is, the Auckland Zoo just followed 'best practice', just like all the rest. Sure, it's a different location, with different keepers, but the animal is the same and has been treated similaly. Or are you suggesting that... "We're different"?....There is a place for the Zark. That's its natural environment, where it breeds, raises a family and treats it's property as a home. There, it is content, and doesn't need to attack in times of stress.

by FirstHomeBuyer | 29th Apr 11, 1:13pm 1304039608

"Home Prices Fall" :- coming soon to a neighbourhood near you

http://www.smh.com.au/business/home-prices-in-biggest-drop-in-12-years-20110429-1dzkb.html

by Nicholas Arrand | 29th Apr 11, 1:54pm 1304042040

"Brisbane which saw prices drop 4.6 per cent, ( that's an annualised rate of >18% !)... Unsurprisingly, the flooding that has occurred within South East Queensland has likely compounded Brisbane's weak market conditions,”

What? I thought we were told that 'The Floods' would make 'good houses' more valuable and push up prices in unaffected areas....just like Christchurch will push up Auckland!...

And here's a good read " Profiting from a property slump " "The property-related industries (development, mortgage broking, renovations, REITs) will be hit hard and many will fall. However, those that survive with stable equity bases and decent cashflows will be heavily discounted as investors flee anything that is remotely involved with property...... And finally, when property investor blood is running through the streets and real estate agents start driving Kia’s, your author may even stop renting…"

by Alex13 | 29th Apr 11, 3:03pm 1304046223

Brisbane saw a long boom and is correcting now. Nobody expects the price curve to be monotonic.

As to your dramatic prediction (running blood and what not) - it airn't going to happen. What's more likely is a side-wise movement for 6-12-18 months and then going up again...

(And I don't care much anyway, as a 10-20% change in value does not make much difference in my situation....)

by Nicholas Arrand | 29th Apr 11, 3:27pm 1304047673

Much as I appreciate your attribution of the expression re 'property investor blood in the street' to me, it's a quote from the captioned article. You'd know that, if you'd read it. (Psst...it's not going to be 10-20%....)