HOME LOAN FLOATING RATE CHANGE 15 JUNE 2020
June 15, 2020 at 4:16 PM
Today, Kiwibank slashed their floating rate to 3.40%!
This new rate comes into effect for new customers from today but for existing Kiwibank customers, the change won't be applied to their home loans until June 29th.
Special Floating Rate - 3.40%
Standard Floating Rate - 3.40%
Check out how they compare to 7 other banks by clicking HERE
If you're interested! Out of the 8 New Zealand Banks listed below, here is a list of who is offering the lowest advertised Special/ Owner Occupied Home Loan Rates as of 11th June 2020, 5.24pm.
Floating @ 3.40% - Kiwibank
6 Months @ 2.79% - The Co-Operative Bank of New Zealand
12 Months @ 2.65% - ANZ New Zealand and Kiwibank
18 Months @ 2.79% - The Co-Operative Bank New Zealand and BNZ
24 Months @ 2.69% - BNZ, ASB, TSB and Westpac New Zealand
36 Months @ 2.79% - Westpac New Zealand
48 Months @ 2.99% - BNZ and Westpac New Zealand
60 Months @ 2.99% - BNZ and Westpac New Zealand
Can I ask for a rate with my own bank, if they are not advertising the lowest rate?
Please remember that the rates listed above are advertised, so there could be an opportunity to negotiate. There are a number of factors that will be considered by your bank:
- How long have you been with your bank?
- The equity or LVR position you currently have. i.e >20% equity in your home and/or 30% against your investment properties.
- The likelihood you are in a position to refinance if the rate offered is not to your expectation? e.g If you have other loans fixed and they are not due to expire for a period of time. They may believe you are not likely to move to another bank and pay break/ solicitor costs.
- Last and but by no means least, do they have enough margin(profit) to negotiate and by how much.
It pays to check with your bank or contact us to see if we can get you the rate you want - we do not charge a fee to negotiate on your behalf!
We recommend that you check current rate details with us or the respective banks by clicking the links provided below as the rates above can change without notice.