ANZ, Westpac limit mortgage rate cuts, but Kiwibank goes all in

Thu, 11 Aug 2016

By Edwin Mitson Aug. 11 (BusinessDesk) - Two of New Zealand's major banks have rewarded savers more than borrowers in the wake of the cut to the official cash rate by upping the interest rate for deposits while making more modest reductions to mortgage rates. Governor Graeme Wheeler cut interest rates to a record low of 2 percent from 2.25 percent. He later told a briefing that the central bank "would like to see most of it passed on; It's up to the banks to work out what they want to do - lower lending rates or attract more deposits thro...

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