First Kiwibank, now ANZ joins the interest rate cutting party

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Kiwibank and ANZ have made an immediate cuts to their mortgage interest rates following today’s announcement by the Reserve Bank to cut the Official Cash Rate.

The Reserve Bank’s inability to control  Auckland housing prices causes concern for economy.

Source: 1 NEWS

In line with the cut of 0.25%, bringing the OCR down to 2.75, Kiwibank has reduced its floating rate from 6.15% to 5.90%.

The reduction for variable and revolving (floating) rates is immediate for new customers, but will come into effect for existing customers in two weeks' time.

ANZ is also decreasing its home loan rates to match the Reserve Bank's cut, trimming back its floating rate mortgage to 5.99%, and its flexible home loan rate to 6.10%.

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