Increased competition leads to lower costs: Kina

THE increased competition in the banking sector has led to lower costs for customers across the country, according to Kina Bank.
The bank said in a statement that their announcement of the country’s cheapest home loan earlier this year had prompted other major banks to reduce their interest rates.
Kina Bank’s head of personal customers Yawetau Salem said their competitive advantage lay in their honest fees and charges.
“Our approach means we have brought down the cost of home loans for everyone,” Salem said.
“Our home loan has a 6.95 per cent interest rate to help customers get started.
“But our competitive advantage lies in the fact that with us there are no hidden costs or charges.
“Apart from our low interest rates, our establishment fee is a flat rate of K1,000.
“Other banks often charge a percentage amount or an ongoing monthly ‘service’ or ‘loan administration’ fee.
“At Kina Bank, we are transparent. No hidden fees. No nasty surprises.”
Salem said. said the bank’s open and transparent approach and its commitment to making sure customers received a first class experience indicated that they were fast becoming the go to bank for home loans.
“Getting Papua New Guineans into their first home is a critical part of our strategy,” he said.