Bank says its rates raising competition level in home loan market

The National Business

KINA Bank recently announced to the market its home loan rates of 5.47 per cent fixed interest rate and a standard variable rate of 5.59 per cent.
The bank said this raised the level of competition in Papua New Guinea’s fast growing home loan market.
The new rates come with attractive features and benefits and no hidden costs at all.
Executive general manager for personal banking Adam Downie said they offered a simple and compelling pricing structure for home loans:

  • K1,000 establishment fee;
  • K10 per month loan servicing fee;
  • A competitive 5.47 per cent fixed rate; and,
  • A 5.95 per cent variable interest rate.

“That’s it, no hidden fees or charges, no nasty surprises,” Downie said.
“There is a 10 per cent minimum deposit and a maximum term of 30 years. Importantly, there are refinancing options available as well.
“Kina Bank’s open and transparent approach and its commitment to making sure customers receive a first class experience means the bank is fast becoming the go-to bank for residential and investment property loans.
“A customer’s application will go through an assessment process by our team of home finance managers who will advise if they are eligible for a home loan.
“We have a team of home loan managers who can guide you through the process and give you the right advice.
“We’re committed to helping as many people as possible.”