Banks drop mortgage interest rates following RBNZ's cut to OCR

Wed, 09 Sep 2015

By Suze Metherell Sept. 10 (BusinessDesk) - Kiwibank, ANZ Bank and Westpac Banking Corp have all matched the Reserve Bank of New Zealand's cut to the official cash rate, reducing floating mortgage rates a quarter of a percent in a "competitive" home loan market. Governor Graeme Wheeler cut rates to 2.75 percent as expected and said further easing seems likely but also telegraphed a rebound in tradables inflation because of the weak kiwi dollar and a pickup in crude oil prices. The banks were quick to follow suite, all matching the centra...

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