Bank reaffirms home loan rate decision
Kiwibank has updated its term deposit rates for business, PIE, and retail – effective on July 26, 2021.
Richard McLay, the senior manager for borrowing and savings at Kiwibank, announced that interest paid at maturity for six months increased from 0.90% to 1.05% for the $10,000+ interest tier and 0.80% to 0.95% for the $5,000-$9,999 interest tier.
For two years, interest paid at maturity jumped from 1.15% to 1.50% for $10,000+ and 1.05% to 1.40% for the $5,000-$9,999 interest tier. Interest paid at maturity for three years also jumped from 1.30% to 1.50% for $10,000+ and 1.20% to 1.40% for the $5,000-$9,999 interest tier.
Meanwhile, interest paid at maturity for four years rose from 1.50% to 1.70% for $10,000+ and 1.40% to 1.60% for the $5,000-$9,999 tier. Finally, interest paid at maturity for five years increased from 1.60% to 1.80% for $10,000+ and 1.50% to 1.70% for the $5,000-$9,999 tier.
Read more: Major NZ banks update mortgage rates
Kiwibank also announced changes to interim interest for the $10,000+ and the $5,000-$9,999 interest tiers – with the former rising from 1.15% to 1.50% and the latter rising from 1.05% to 1.40% for two years.
For the three-year interim interest, the figure jumped from 1.30% to 1.50% for the $10,000+ tier and 1.20% to 1.40% for the $5,000-$9,999 tier. Meanwhile, four-year interim interest rose from 1.50% to 1.70% for the $10,000+ tier and 1.40% to 1.60% for the $5,000-$9,999 tier.
Finally, the five-year interim interest jumped from 1.60% to 1.80% for the $10,000+ tier and 1.50% to 1.70% for the $5,000-$9,999 tier.
McLay also announced that Kiwibank’s home loan rates remained unchanged at a 2.4% two-year home loan rate and 3.75% variable rate.
