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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

 

 

 

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