Kiwibank has lowered several home loan and term deposit rates following last month’s 25bps cut to the Official Cash Rate.
The bank’s six-month and one-year fixed mortgage rates dropped by up to 20 basis points, with smaller reductions across two- and three-year terms. Term deposit rates were also trimmed by 5 to 15 basis points.
The changes, effective June 9, follow similar moves by ASB and ANZ, both now offering 18-month rates of 4.89%—the lowest since April 2022. The Reserve Bank forecasts the OCR to fall further to 2.85% by year-end, suggesting at least one more cut is likely.
