Official Cash Rate (OCR) cut<\/a>, with managing director Grant Knuckey saying it would be welcome news for borrowers.<\/p>\n\u201cLower interest rates are helping, and more and more customers are seeing the benefit of rate cuts.<\/p>\n
\u201cWe\u2019ve … [seen] people choosing to use lower interest rates to get themselves ahead by saving and paying down their loans faster where they can.\u201d<\/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
\u201cWe\u2019re committed to offering competitive rates and encourage customers to explore their options,\u201d Knuckey said. <\/p>\n
ANZ\u2019s managing director for business and agriculture, Lorraine Mapu, said the OCR cut would be welcome news for customers in those sectors, most of whom were on floating rates.<\/p>\n
\u201cWe continue to see an economy of contrasts. Regional areas, buoyed by strong farmgate returns and commodity prices, are more upbeat. But many urban businesses are still doing it tough,\u201d Mapu said.<\/p>\n
\u201cFor those on floating rates, this change will help boost cash flow and provide some debt relief.\u201d<\/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, Westpac and BNZ share the lowest two-year rates at 4.65%.<\/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":"ASB has also trimmed interest rates for customers, with executive general manager personal banking Adam Boyd saying there…\n","protected":false},"author":2,"featured_media":65837,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[29813,74,95,12465,25286,1643,1396,6932,3588,14134,6097,9475,44192,18060,111,43,139,69,10667,5908,19257,7676,39429,53313,10665,61,1865,17239],"class_list":["post-65836","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-50basispoint","tag-after","tag-and","tag-anz","tag-asb","tag-bank","tag-banks","tag-cash","tag-cut","tag-decision","tag-down","tag-flexible","tag-floating","tag-loan","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-ocr","tag-official","tag-rate","tag-rates","tag-react","tag-reacting","tag-reserve","tag-to","tag-today","tag-westpac"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/65836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=65836"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/65836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/65837"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=65836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=65836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=65836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}