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
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- Matthew Hooton on what a National win in Mt Roskill could mean for Labour
- Tim Hunter on Sky's awkward Chinese problem
- Paul Goldsmith's attempt at insolvency law reform has been hijacked by a 'basked of deplorables' says Damien Grant
- First Retail Group's Chris Wilkinson on Pumpkin Patch's worsening situation