We strive to keep Wellington property owners up to date with the latest property information.
Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.
Kiwibank has cut its one-year fixed term to 3.39%, a new low, despite the OCR remaining on hold this week.
Friday, November 15th 2019, 6:36PM
The state-owned bank, led by Steve Jurkovich, has cut its one-year rate from 3.55%, effective from Monday November 18.
The offer is only available to borrowers with at least 20% equity and will be available for a limited period.
Kiwibank’s variable home loan rate remains the same at 5.15%, while its two-year fixed rate is increasing from 3.45% to 3.55%.
The cut comes despite an increase in wholesale borrowing rates in the aftermath of the Reserve Bank’s decision to keep the OCR at 1%. It could prompt other banks into a price war on shorter term mortgages.
“Implications from the ‘no rate change’ decision were that wholesale rates increased. It’s likely we’ll be the outlier reducing our one-year home-loan rate but that is a position we’re comfortable to hold,” said Chris Greig, Kiwibank general manager for borrowing and savings.
“We’re keen to see a continuation in the momentum…………
Continue reading this article at the original source from GoodReturns.co.nz
Own property in Wellington? Get our Free Halina Sells Houses e-Newsletter HERE