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Kiwibank makes changes to mortgage rates

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Fuseworks Media
Fuseworks Media

Kiwibank has made a number of changes to its fixed mortgage rates, some because of the rising cost of funding and some as a response to the new restrictions on low equity lending.

Kiwibank is holding it variable rate at a market-leading 5.65% p.a., but limiting its one-year special of 4.89% to customers with 20% or more equity in the property. Those with less than 20% that qualify for a loan will be offered 5.25%.

Kiwibank is also splitting its offer for two-year fixed lending: 5.75% for those with 20% or more equity and 5.95% for those with less than 20% equity.

Longer term rates will rise from Monday and apply to all new lending. Three year rises 0.35% to 6.40%; four years rises 0.40% to 6.70% and five years up 0.30% to 6.90%.

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