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29 Apr 2024

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More banks move to increase interest rates
Two more banks bumped up their mortgage rates today again in more bad news for borrowers while there are some positive signs for savers with one bank offering 5 per cent interest - the highest rate in some time.Kiwibank and Westpac...

Kiwibank waters down its credit card rewards
Kiwibank customers using the bank's credit card rewards scheme will need to fork out more money to earn rewards as the bank adjusts to new regulations.The New Zealand-owned bank is adjusting the fees and some of the benefits it...

New Crown company to take over Kiwibank, as NZ Post and ACC want out
The Government has agreed to buy Kiwibank from state-owned shareholders who want out. The Government will acquire 100 per cent of Kiwibank and NZ Home Loans' parent company, Kiwi Group Holdings, if the transaction gets Reserve...

More mortgage pain: Two major banks lift home loan rates
ASB and Kiwibank have both lifted their mortgage and deposit rates today in response to the Reserve Bank's latest official cash rate hike.ASB's housing variable rate will move from 5.85 per cent to 6.35 per cent, effective from...

House prices: 'Another bloodbath' as prices slumped again in May for sixth straight month - REINZ figures
House prices continued to fall through May and are now off around 6 per cent since their peak last November, according to the latest figures from the Real Estate Institute (REINZ).Kiwibank economist Jeremy Couchman described the...

Kiwibank customers affected by payments issue
Kiwibank is experiencing a delay impacting incoming payments to customers' accounts.The bank said outgoing payments were unaffected by the issue.Kiwibank said it was working to fix the problem as a priority, in a Tweet."We're...

Mortgage rates predicted to rise to between 6pc to 7.5pc
Mortgage rates will likely lift to between 6 per cent and 7.5 per cent over the coming year worsening the cost of living crisis, Kiwibank's economists say.The bank made the prediction ahead of the Reserve Bank's official cash rate...

Kiwis spent big on entertainment as Covid restrictions eased
Consumer spending continues to hold up, although signs of a slowdown are emerging, according to the latest Spending Tracker from Kiwibank.Kiwibank electronic card spending rose 3.1 per cent in the September quarter. A big jump...

The Govt taking full ownership of Kiwibank is a bailout in all but name - what are the risks now?
With the transfer this week of Kiwibank's assets to a state-owned company, the New Zealand crown has now taken full control of the bank. At an estimated cost of $2.1 billion, the change of ownership has all the hallmarks of a government...

Opinion: Government ideology putting money in the bank
OPINION: Was I the only person in the country taken by complete surprise yesterday when Finance Minister Grant Robertson announced that the Government is going to spend $2.1 billion to buy Kiwibank?$2.1 billion. And even then...

Kiwibank reports record $131 million profit
Kiwibank's profit has hit a record high after strong home and business lending growth.The state-owned bank's net profit rose 4 per cent from $126 million to $131m for the year to June 30.Its net interest income rose from $528m...

Kiwis warned about highly sophisticated Kiwibank scam
Kiwis are being warned about a highly sophisticated scam where crooks disguise themselves as bank workers and pretend to combat fraud. New Zealand children's book author Malcolm Clarke has posted a viral video warning of the scam,...

Dancing with the Stars finalist Dave 'Buttabean' Letele launches new 'buy one-gift one' food box service
There's a new player in the growing food bag market - but this one promises to give a box to a family in need with every box sold.Backed by Dancing with the Stars finalist and Kiwibank Hero of the Year Dave "Buttabean" Letele, the...

Banks begin hiking mortgage rates post OCR
ANZ and Kiwibank have both lifted mortgage and deposit rates today in the wake of last week's big OCR hike.Kiwibank was the first to move this morning , lifting its headline rate for a two-year fixed mortgage to 5.19 per cent per...