6 Sep 2013

Mortgage rate changes at KiwiBank

12:23 pm on 6 September 2013

KiwiBank is raising its mortgage rate to customers with less than 20% equity in their property.

The bank has made a number of changes to its fixed mortgage rates, due partly to the rising cost of funding and also as a response to the new restrictions on low equity lending.

Kiwibank is limiting its one-year, 4.89% rate to customers with 20% or more equity in the property.

Those with less than 20% will have to pay 5.25%.

KiwiBank is also splitting its offer for two-year fixed lending, with a lower rate for those with 20% or more equity.

The bank is also raising its longer term rates.