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Kiwibank puts out 6.99% rate

Friday 28th November 2008

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Kiwibank has today moved to match Bank of New Zealandís home loan cuts. This morning it has dropped its one-year rate 30 basis points, with its top offer being 6.99%.

This rate is conditional on the borrower having at least 20% equity in the deal. For loan-to-valuation rations of more than 80% the rate is 20 basis points higher.

As reported earlier in the week BNZ made some aggressive cuts to its rate with the biggest falls being 124 points.

It too is offering a 6.99% rate but this is for a term of six months, rather than a year like Kiwibank.

While BNZ has taken headlines with the six-month Classic rate, its standard rates are similar to other banks.

A number of other lenders have cut rates today too.

Westpac has chopped 30 basis points off its six-month term, HBS has taken another 59 points off its one-year rate, 70 points off its two-year rate and 60 points off its three-year rate.

SBS has now made big reductions also, starting with an 85 point reduction to its six-month rate followed by 80 points off its one-year term, 60 points off its two and three-year rates and 40 points from its five-year rate.

While there is plenty of attention short term rates, GoodReturns.co.nz says in its Weekly Home Loan report that the short-term borrowing opportunities are shrinking and borrowers need to consider the long term.

You can check and compare all rates here.

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