Kiwibank Ltd
The Arrangement is a product that Kiwibank offers to its customers which is marketed as the “Kiwibank Offset Mortgage” (the Product). The Product allows a customer to elect that interest payable by the customer on a loan made by Kiwibank should be calculated by offsetting the balance of the loan against the aggregate credit balances of certain nominated transaction and savings and investments bank accounts (hereafter referred to as “credit accounts”) held either by that customer or by certain other eligible person(s). Interest is payable on the net notional balance of these combined accounts.
The Product is available to both individual customers and business customers, including companies and trusts.
Income Tax Act 2007 BG 1, CC 7, EW 15, EW 31, RE 1(1) and RF 2(1).