Kiwibank cuts one-year home loan rate
As the ongoing push-and-pull of interest rates and inflation continues incessantly, there has just been an announcement from Kiwibank which shakes things up.
They are dropping their one year home loan rate for both their special and standard options. Their standard rate is dropping from 6.19% to 5.95% while their special rate is being dropped from 5.19% to 4.95%.
This is good news for home buyers as it means that the cost of borrowing is the lowest it has been since we have seen these jumps in interest rates over the past six months.
It will be interesting to keep an eye on how other banks might respond to this move by Kiwibank, but it is hard to predict the future of interest rates until inflation settles down. For the mean time, this is promising news and hopefully the start of housing becoming more affordable for New Zealanders.
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