Posted By Staff Reporter
Kina Bank launched Papua New Guinea’s first fixed rate home loan yesterday, giving customers the opportunity to fix their monthly repayments for up to three years.
According to the bank, the new fixed rate home loan comes with an attractive 6.47 per cent interest rate and no hidden fees or charges, making it the lowest real rate home loan on the market.
Chief executive officer Greg Pawson said they were excited to announce the new fixed home loan as it was the first of its kind in the country and gave customers the security knowing they could plan their monthly finances for three years.
With a fixed rate home loan, customers can fix their monthly repayments so that they are the same every month, he said.
“It gives customers safety and confidence so that they can plan their finances with certainty,” Pwason said
“There is a 10 per cent minimum deposit required and a 30 year maximum loan term; with refinancing options as well. With Kina Bank’s transparent approach there are no hidden fees or charges.
“We’re committed to helping Papua New Guineans into their own homes. It’s a central part of our business. Owning a house or a property offers security and comfort for the whole family. It’s not just an investment, it’s about building a place you can call home.”
With the arrival of Kina Bank, there has been increased competition in the banking sector lowering costs for customers no matter who they bank with.
This month, Kina Bank announced they were the first bank to reduce the K15 ATM fee for Visa Debit and Credit cards. All banks applied this surcharge for Visa cards but with Kina Bank leading the industry, the banks reached an agreement to drop the fee for everyone.
Kina Bank also announced PNG’s lowest home loan rate earlier this year.
The National / PNGfacts
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