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Kiwibank cuts rate for new construction loans

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Fuseworks Media
Fuseworks Media

Kiwibank has reacted immediately to the decision by the Reserve Bank to exempt new residential construction from the lending "speed limits" that restrict low equity lending.

Kiwibank Chief Executive Paul Brock has announced a 4.99% floating rate special for new owner-occupied construction. The bank has already been promoting a 4.65% floating construction loan offer in Canterbury as part of its rebuild commitment for the area following the earthquakes.

Mr Brock said removing new construction from the LVR restrictions is great news. "We are already able to provide Welcome Home Loans without restriction. This enables us to help more people get into their own homes."

The special floating rate offer is a 0.66% discount on the published variable rate for the first two years from drawdown. The offer will be available for a limited time. Normal lending terms and conditions apply.

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