Banks are starting to slash interest rates in the wake of the Reserve Bank's decision to slash the official cash rate to a record low of 0.25 per cent.
Economic trouble in the wake of the coronavirus pandemic has prompted NZ's central bank to act, lowering the OCR from one per cent to 0.25 per cent.
New Zealand's economy, particularly the tourism sector, is being hit hard by the coronavirus outbreak.
Global markets including New Zealand's sharemarket suffered heavy losses last week.
Today Westpac reacted quickly to the Reserve Bank's announcement, saying it will pass on the full 75 basis point rate cut to customers.
ANZ says it will reduce its floating home loan rate from 5.19 per cent to 4.44 per cent, and its flexible rate from 5.30 per cent to 4.55 per cent.
It says it will "cautiously" review its deposit rates to "balance the needs of savers and borrowers".
BNZ will also pass on the cuts, as will Kiwibank and ASB.
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