Banks do not pass on official cash rate cut to customers
Friday 28 November 2025 · 3 outlets · 2 reports · updated In this story Reserve Bank of New Zealand, ANZ, Westpac, ASB, Kiwibank, BNZ
Major banks have not reduced fixed mortgage rates following the Reserve Bank's 25-point official cash rate cut this week. While ANZ offered cashback incentives to attract new customers, other banks have countered these offers, and some advisers suggest banks are making it difficult for existing customers to refix.
How they headlined it
More on Home loan rates and OCR pass-through
- Major banks increase some fixed home loan interest rates
- ANZ increases multiple fixed-term home loan rates
- Reserve Bank Governor says market tightening exceeded intended levels
- Finance Minister urges mortgage holders to shop around after Westpac rate hike
- Willis urges banks to pass on official cash rate cuts