Kiwibank has reduced its fixed home loan and term deposit rates following a 25 basis point drop in the Reserve Bank’s official cash rate to 5.25%.
Effective today, the bank’s one-year special rate for those with a minimum 20% equity will decrease from 6.75% per annum to 6.45% per annum.
Standard fixed rates have also been reduced. The one-year standard rate decreased from 7.65% per annum to 7.35% per annum. Fixed two-year loans will see a 35 basis point drop.
Kiwibank has also reduced its term deposit rates by 0.10% and 0.35%. The six-month rate for deposits of $10,000 or more decreased from 5.90% to 5.80%. The one-year rate dropped from 5.65% to 5.45%.
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