Kiwibank Mortgage Rates

Just been looking at various tables at the wonderful Consumer Online website and peeked at their mortgage rate comparison.

Now Kiwibank rates, with one exception, are not lower than the other banks.

Their one year rate is 8.10% and two year rate is 7.75%. BNZ (whom I am with) are 8.10% and 7.60% respectively.

Now their floating rate of 9.00% is less than other banks, but because the floating rates are generally much higher than fixed rates, very few people have any or much of their mortgage at the floating rate.

Moral of the story is to check the comparisons carefully, and not to assume which institution is cheapest.