Kiwibank drops its rates again ahead of CPI inflation data release

Wednesday, 16 October 2024

Kiwibank has lowered its mortgage rates again.

Another bank has dropped its mortgage rates ahead of the latest inflation data being released.

Kiwibank has lowered its six-month special fixed rate from 6.75% to 6.65% and its one-year special rate from 6.19% to 5.99%.

It also lowered its six-month standard rate from 7.65% to 7.55% and its one-year standard rate from 7.09% to 6.89%.

It comes days after a number of banks lowered their mortgage rates further following the Official Cash Rate drop to 4.75% last week which saw a frenzy of dropping rates.

Kiwibank dropped its rates in the day before the OCR change was announced - cutting its floating home loan rates by 50bps, from 8.25% to 7.75%.

The Reserve Bank has cut the Official Cash Rate by 50 basis points, dropping it to 4.75%. The move has triggered immediate interest rate reductions across major banks, giving homeowners a break ahead of the holiday season. Zane Small reports.

BNZ has since lowered its standard fixed six-month home loan rate by 26 basis points to 6.49%.

It’s one-year rate dropped 20bps from 6.19% to 5.99%. It’s two-year rate remained unchanged at 5.89%, while the two to five year rates all dropped 10bps.

Meanwhile, ANZ also announced it was dropping the rates on some of its short-term and special lending, with its six-month special fixed rate lowering 25bps to 6.50% and the six-month standard dropping to 7.10%