Kiwibank chief executive Paul Brock says the bank is offering a 4.99% floating rate special for new owner-occupied construction. The bank has already been promoting a 4.65% floating construction loan offer in Canterbury as part of its rebuild commitment for the area following the earthquakes.
The decision comes following a u-turn from the Reserve Bank today when it decided to exempt construction loans from its lending restrictions.
Brock said removing new construction from the LVR restrictions is great news. “We are already able to provide Welcome Home Loans without restriction. This enables us to help more people get into their own homes.”
The special floating rate offer is a 0.66% discount on the published variable rate for the first two years from drawdown. The offer will be available for a limited time.
