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
- Briefcase: Anderson Lloyd visit The Factory (again) while Colin Craig haunts the High Court (again)
- Watson’s Bendon finalises takeover of Naked
- Crimson Consulting scholarship for Maori could be better, says Fox
- Waterview Tunnel will open in weeks, Finance Minister says
- Rocket Lab has liftoff but doesn't make it to orbit
Most listened to
- It’s "odd" StuffMe applicants are "so sensitive about anonymous submissions," says competition lawyer Andy Glenie
- Andrew Little, James Shaw, Steven Joyce and Bill English all weigh in on how good the budget was for Kiwi businesses
- Rob Hosking does not think it's good enough the Budget has left out reduced taxation on savings
- Lawyers are playing musical chairs in this week's Briefcase with John Bowie
- NBR Radio: best of the week ended May 26, with Grant Walker