Kiwibank has the lowest home loan rate?

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Forums › Finance and wealth management › Kiwibank has the lowest home loan rate?

asianbro

47 posts

Geek

#18931 30-Jan-2008 09:07

Just checking around and seems like kiwibank has the lowest rate? Other banks rate is 8.95 while kiwibank is 8.75 for 5 years fixed.

Also what's up with the doom and gloom prediction in the media? Really worrying :(

TinyTim

1058 posts

Uber Geek
+1 received by user: 167

Trusted

#107514 30-Jan-2008 09:54

Yeah, see this newspaper story from a week ago: http://www.stuff.co.nz/4368732a13.html

Story:
The reduction from 8.85 per cent runs against the recent trend to increase rates as the effects of the global credit crisis hit shorter-term wholesale funding.

The state-owned bank is now undercutting the large Australian-owned banks by 0.4 per cent.

Kiwibank has also held its two-year fixed rate, favoured by most borrowers, at 9.35 per cent, while all other banks have increased them this month to 9.6 per cent.

...

The cost of wholesale funding for longer term lending had been trending down in recent days, Mr Knowles said.

BobW

90 posts

Master Geek

#107554 30-Jan-2008 15:13

If you want to compare interest rates across a range of organisations, have a look at:
www.interest.co.nz
www.goodreturns.co.nz

I particularly like the Good Returns site, because it includes a facility to graph interest rates from multiple lenders over several years. This lets you see the general relationships between lenders, rather than just the current rates. For example:
Mortgage rate