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Kiwibank smashes record with 2.65% home loan

Mortgage rates continue to plummet to record-lows, with Kiwibank launching a one-year home loan at 2.65%.

Friday, May 22nd 2020, 2:58PM

The 2.65% one-year term is set to become the cheapest in the market, edging ASB's 2.69% two-year rate, which came into effect at the weekend.

Kiwibank's new rate is effective from May 25, and represents a cut of 34 basis points. 

The cut comes alongside a series of other rate reductions. Kiwibank's two-year rate falls to 2.79%, a drop of 60 basis points. 

The state-backed bank's three-year rate is now 3.25%, four-year is out at 3.45% and five-year at 3.55%. 

The cuts represent heated competition in New Zealand's home lending market following pressure from the Reserve Bank to drive down mortgages. 

Kiwibank's head of borrowing and deposits Chris Greig said the new low rates would help borrowers "get ahead and fulfil their home ownership goals, as well as supporting those over the longer term who might be in a tougher position due to the impact of Covid-19".

Kiwibank's new rates are available to new and existing customers with at least 20% equity. 

Greig said Kiwibank would "continue to review our rates to ensure that we are competitive".

BNZ also launched lower rates on May 25. The bank will offer 2.99% to owner-occupiers and investors on 18-month to five-year rates, and 2.79% on a one-year term.

Tags: BNZ home loans Kiwibank Lending Mortgage Rates mortgages

« ASB ramps up price war with 2.69% mortgageVincent Capital adds a South Island BDM »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.44 - - -
AIA - Go Home Loans 6.54 4.89 4.95 5.09
ANZ 6.49 5.55 5.55 5.69
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 4.95 4.95 5.09
ASB Bank 6.44 4.89 4.95 5.09
ASB Better Homes Top Up - - - 1.00
Avanti Finance - Near Prime 6.90 - - -
Avanti Finance - Specialised 8.34 - - -
Basecorp Finance 7.15 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 5.99 5.69 5.69
BNZ - Mortgage One 6.54 - - -
BNZ - Rapid Repay 6.54 - - -
BNZ - Std 6.44 4.89 4.95 5.09
BNZ - TotalMoney 6.54 - - -
CFML 321 Loans 4.99 - - -
CFML Home Loans 6.70 - - -
CFML Prime Loans 7.20 - - -
CFML Standard Loans 7.99 - - -
China Construction Bank 6.44 4.85 4.95 4.95
China Construction Bank Special 6.44 5.85 5.95 5.95
Lender Flt 1yr 2yr 3yr
Co-operative Bank - First Home Special - 4.85 - -
Co-operative Bank - Owner Occ 5.95 4.95 4.99 5.25
Co-operative Bank - Standard 5.95 5.45 5.49 5.75
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.29 5.19 -
First Credit Union Standard 6.94 5.79 5.49 -
Heartland Bank - Online 5.99 5.89 - -
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 7.45 5.90 5.80 -
ICBC 6.50 4.85 4.95 5.05
Kainga Ora 6.44 4.89 4.95 5.09
Lender Flt 1yr 2yr 3yr
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.35 5.79 5.85 5.95
Kiwibank - Offset 6.35 - - -
Kiwibank Special - 4.89 4.95 5.15
Liberty 6.90 6.80 6.50 6.45
Nelson Building Society 6.94 4.99 4.93 -
Pepper Money Near Prime 6.85 - - -
Pepper Money Prime 6.29 - - -
Pepper Money Specialist 8.30 - - -
SBS Bank 6.49 ▼5.49 5.55 ▼5.69
SBS Bank Special - ▼4.89 4.95 ▼5.09
Lender Flt 1yr 2yr 3yr
SBS Construction lending for FHB 3.94 - - -
SBS FirstHome Combo - 4.29 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 8.64 - - -
TSB Bank 7.19 5.69 5.75 6.09
TSB Special 6.39 4.89 4.95 5.29
Unity First Home Buyer special - 4.29 - -
Unity Special 6.64 4.99 4.99 -
Unity Standard 6.64 5.79 5.79 -
Wairarapa Building Society 6.75 5.09 4.95 -
Westpac 6.59 5.49 5.55 5.59
Lender Flt 1yr 2yr 3yr
Westpac Choices Everyday 6.69 - - -
Westpac Offset 6.59 - - -
Westpac Special - 4.89 4.95 4.99
Median 6.56 4.99 4.99 5.15

Last updated: 10 July 2025 4:59pm

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