Thursday 23rd October 2008
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The reductions are part of Kiwibank's strategy to be "slow to rise, but fast to fall" with mortgage borrowing rates, chief executive Sam Knowles said in a statement.
Kiwibank also reduced its premium two-year rate to 7.79% and its one-year rate to 7.99%. The reductions follow Reserve Bank Governor Alan Bollard's decision to cut the OCR to 6.5% in the biggest drop since the benchmark was introduced in 1999.
He cited the prospects of a global economic slump and the likelihood inflation will slow to within the central bank's 1% to 3% target range by mid-2009 when cutting rates today.
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