Banks reduce mortgage rates following Reserve Bank cash rate cut

Wednesday 27 November 2024 · 3 outlets · 3 reports · updated Wed 27 Nov 2024, 2:49pm

In this story Reserve Bank of New Zealand, ASB, Kiwibank, BNZ

Retail banks have lowered home loan rates after the Reserve Bank of New Zealand reduced the official cash rate from 4.75% to 4.25%. Kiwibank announced it will decrease its rates by 0.5%, with changes applying to new loans from next Monday and existing lending from 16 December.

How they headlined it

10h

5am2:49pm

1. StuffWed 27 Nov 2024, 5:00am

   Why economists think the OCR will be cut by 50 basis points (opens in new tab)

2. The PostWed 27 Nov 2024, 5:00am

   Banks swiftly follow RBNZ’s official cash rate cut (opens in new tab)

3. 1NewsWed 27 Nov 2024, 2:49pm

   Major banks move to cut home loan rates after OCR fall (opens in new tab)