Kiwibank is cutting all its fixed home loan rates by up to 0.51% after Reserve Bank left the official cash rate alone yesterday.
From today, all home loan rates at the state-owned bank are between 0.10% and 0.51% lower.
Reserve Bank Governor Alan Bollard yesterday opted to leave the official cash rate unchanged at 2.5% yesterday, stressing the local risks from offshore economic and financial turmoil.
Dr Bollard's terse statement gave no hint as to the likely timing or path of those possible increases if offshore problems turn out to have only a mild impact on the economy.
Kiwibank Chief Executive Paul Brock said the decision to cut rates reflected the expectation rates will stay low for the time being.
“We think that the right thing to do in this market is pass on the benefit of lower rates for all customers whenever we can,” said Mr Brock.
Kiwibank's mortgage rate changes are:
- 6 months cut by 0.10% to 5.65%
- 1 year cut by 0.15% to 5.65%
- 2 year cut by 0.41% to 5.89%
- 3 year cut by 0.31% to 6.39%
- 4 year cut by 0.51% to 6.79%
- 5 year cut by 0.41% to 7.19%.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: NZ shares rise on first day of trading with Ardern as PM-elect
- NZ Rugby flexes its muscles with AllBlacksTV.com
- NZ dollar heading for weekly drop of 2.5% on uncertainty over new govt
- Roulette – and League of Legends
- 'Geostorm' movie shows dangers of hacking the climate – we need to talk about real-world geoengineering now
Most listened to
- Scales Corp CEO Andy Borland assesses likely immigration cuts
- Forsyth Barr’s Kevin Stirrat talks through the market reaction to the new government
- Iron Duke director Phil O'Reilly on how concerned businesses should be about the new Labour-led government
- New Sky TV NZ director Mike Darcey on the skills he brings from Sky UK, and what it's like working for Rupert Murdoch
- Nevil Gibson's back on Wall Street's darkest day and what has happened since
- NBR Radio: The best interviews, with Grant Walker — updated daily