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Kiwibank cuts variable mortgage rate (3news)


State-owned Kiwibank is cutting its variable mortgage rate by 14 basis points to 5.65 percent and hiking its 18 month fixed rate by 10 basis points to 6.49 percent.

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Newshub Kiwibank cuts variable mortgage rate 08/02/2010 Source: NZPA State-owned Kiwibank is cutting its variable mortgage rate by 14 basis points to 5.65 percent and hiking its 18 month fixed rate by 10 basis points to 6.49 percent. A spokesman for the bank said about 30 percent to 40 percent of mortgage lending was on the variable rate so the bank wanted to ensure it had a competitive rate. Market activity suggested there was room to bring the variable rate down a little. The Reserve Bank of New Zealand's (RBNZ) official cash rate is at a record low of 2.5 percent. When RBNZ governor Alan Bollard was asked about the timing of a rise in the rate on TV One's Q&A programme on Sunday he said "we've been boringly predictable right through this, we've said about a year ago that it was going to be some time the middle or the latter part of the year, and that's what we're still saying". source: newshub archive Contact Terms and Conditions Advertise with Us

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