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Kiwibank floating mortgage rates slashed

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Fuseworks Media
Fuseworks Media

Kiwibank has responded to this morning's cut in the Official Cash Rate by cutting its floating interest rates by 0.50 percent to 5.65 per cent p.a. The cut is immediate for new customers and effective in two weeks for existing customers.

Kiwibank Chief Executive Paul Brock said there had been strong signals that the cut would be made and Kiwibank had made preparations to react immediately.

"This is an excellent opportunity for Kiwibank to lead the charge to provide real savings for home loan customers," Mr Brock said.

"The OCR is down 50 points so we are matching it without any delay."

Kiwibank cut its fixed rates last week in anticipation of the change in the cash rate.

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