Simplicity launches 2.5% floating rate
The KiwiSaver and investment specialist has cut 30 basis points from its old offer at 2.8%.
Simplicity managing director Sam Stubbs said banks were not doing enough to pass on cuts.
“Even in this environment, banks are still taking ordinary hard working Kiwis for a ride," Stubbs said. "We can do better than that, so that’s what we’re doing."
“Our new floating rate is at least 1.5% lower than the banks, and the lowest rate anywhere," he added. It saves someone with a $500,000 mortgage from $30-100 a week in interest, which adds up to thousands over the years."
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