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Rates Cut Ahead of OCR

November 24, 2008 New Zealand Finance  No comments

New Zealand banks are so sure of a December 4th OCR cut that they are preemptively slashing their own mortgage rates.

In expectation of an Official Cash Rate (OCR) cut on the 4th of December, interest rates are already being adjusted to by banks, analysts predict that this will be especially prominent on the 6 month rates. Leading the pack in rate cuts amongst New Zealand banks is BNZ, who on the 24th of November reduced their 6 month mortgage rate to 6.99 %. Kiwibank is offering the next lowest rate at a one year 7.29%.

Bank figures are confident in a fall in the OCR with key figures from the New Zealand banking industry making statements to that effect...

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