{"id":62467,"date":"2025-10-09T00:42:08","date_gmt":"2025-10-09T00:42:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/62467\/"},"modified":"2025-10-09T00:42:08","modified_gmt":"2025-10-09T00:42:08","slug":"ocr-cut-kiwibank-bnz-drop-variable-home-loan-rates-after-official-cash-rate-fall","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/62467\/","title":{"rendered":"OCR cut: Kiwibank, BNZ drop variable home loan rates after Official Cash Rate fall"},"content":{"rendered":"

Yesterday, Westpac announced its variable home loan rates will be cut by 0.3% a year next week. Most variable business lending rates drop by 0.5% pa.<\/p>\n

ASB has also trimmed interest rates for customers, with executive general manager personal banking Adam Boyd saying there are \u201cencouraging signs\u201d.<\/p>\n

It lowered its Housing Variable home loan to 5.99%, its Orbit Variable rate was lowered to 6.09% and its Back My Build rate was lowered to 3.54%. These come into place from Friday for new home loan customers and from Wednesday, October 15, for existing home loan customers.<\/p>\n

ANZ was the first bank to move after the Official Cash Rate (OCR) cut<\/a>, with managing director Grant Knuckey saying it would be welcome news for borrowers.<\/p>\n

ANZ cut its flexible and floating home loans by 40 basis points (bps). Its floating home loan rate will be 5.89% from next Tuesday, and the flexible rate will be 6% from this Friday.<\/p>\n

ANZ\u2019s business flexible facility will be 5.89% from Friday. Business term loan base rates have also been cut by 40bps to sit at 4.15%.<\/p>\n

The rate-cutting merry-go-round was in full swing before the OCR announcement.<\/p>\n

The five major banks lowered rates by as much as 40bps across short- and long-term loans.<\/p>\n

ANZ, ASB, Westpac, BNZ and Kiwibank all dropped their one-year rates to 4.49%.<\/p>\n

Kiwibank has the best six-month home loan rate so far at 4.85%, for those with a minimum 20% equity, after cutting it by 20bps.<\/p>\n

Meanwhile, rivals ANZ and BNZ trimmed their six-month rates by 10bps to 4.89%.<\/p>\n

ANZ, ASB and BNZ shared the lowest two-year rates at 4.65%. Westpac cut its two-year rate further yesterday to 4.49%.<\/p>\n

BNZ also cut its 18-month fixed-term rate by 26bps to 4.49%, matching that of ASB and Westpac.<\/p>\n

Westpac was the first bank to offer sub-5% special home loan rates on all terms from six months to five years.<\/p>\n

The OCR has now fallen 300bps since August last year, when it was 5.25%.<\/p>\n

Listen and subscribe to the Today in Business<\/a> podcast \u2013 the top headlines from the NZ Herald business team summarised and delivered by an AI voice as an easily digestible recap.<\/p>\n","protected":false},"excerpt":{"rendered":"Yesterday, Westpac announced its variable home loan rates will be cut by 0.3% a year next week. Most…\n","protected":false},"author":2,"featured_media":62468,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[29493,5461,21211,114,8546,4818,21919,184,12113,45951,9076,2607,85,46,45948,10418,28040,1017,8553,44470,4946,38857,6204,45950,5612,45949],"class_list":["post-62467","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-after","tag-banks","tag-bnz","tag-business","tag-cash","tag-cut","tag-drop","tag-economy","tag-fall","tag-floating","tag-have","tag-home","tag-il","tag-israel","tag-kiwibank","tag-loan","tag-lowering","tag-more","tag-mortgage","tag-ocr","tag-official","tag-rate","tag-rates","tag-reacted","tag-reserve","tag-variable"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/62467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=62467"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/62467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/62468"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=62467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=62467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=62467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}