Kiwibank has responded to today's cut in the Official Cash
Rate by reducing all its home loan rates.
These include 0.50% off its variable rate which moves to 9.7%
and 0.36% off its two-year fixed rate, which moves to 8.49%.
"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 chief executive Sam Knowles
said.
He said Kiwibank had taken "a very aggressive position" with
its 8.49% per annum two-year fixed rate, while it has moved
its three-year rate to 8.39%.
Those rates apply for those with 20 per cent or more equity
in their property.
Mr Knowles said forecasting rate movements was difficult, but
he envisaged Kiwibank being able to at least hold the new
rates and to look for further cuts when the opportunity
arose.
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