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Kiwibank first to cut rates

Thursday 11th September 2008

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Kiwibank is the first bank to cut its home loan rates following this morning’s 50 basis point cut to the official cash rate.

It has reduced all home loan rates including 0.50% off its variable rate and 0.36% off its two-year fixed rate. Kiwibank chief executive Sam Knowles said cuts will be a welcome relief to new home buyers and those looking to re-fix their mortgages.

“We appear to have passed the peak of very high interest rates and we now have the opportunity to pass on some genuine savings to home owners.

Kiwibank is taking what it calls “a very aggressive position” in the popular two-year fixed area with an 8.49% special and an 8.39% three-year rate. However, these rates apply for those with 20% or more equity in their property.

The variable rate is now at 9.70%.

To keep up with rates and changes visit the Good Returns Mortgage Centre here.

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