Kiwibank has confirmed it will reduce several variable home loan rates by 15 basis points from Monday 1st December, extending rate relief to both new and existing borrowers.
The bank’s term loan variable rate and term loan offset variable rate will fall from 5.80% to 5.65%, while the revolving loan rate will decrease from 5.85% to 5.70%.
New lending customers will receive the updated pricing from 1st December, with existing borrowers also benefiting from the same date.
The adjustments come as major banks continue to pass through lower funding costs following recent movements in the official cash rate. Kiwibank’s reductions align the lender with broader market trends as competition intensifies in the variable mortgage segment.