Mortgage rates coming down after RBNZ's dovish tilt

Westpac has also lowered its six-month rate by 19 basis points to 7.05% and the 18-month rate 10 basis points to 6.79%. (Image: NZME)

Rebecca Howard

Thu, 11 Jul 2024

Westpac looks to be the first bank out of the gate to lower its mortgage rates after the central bank’s dovish tilt on Wednesday.Westpac dropped its 12-month mortgage rate by 25 basis points to 6.89%.It also lowered its six-month rate by 19 basis points to 7.05%. The 18-month rate was lowered 10 basis points to 6.79%.The move came after the Reserve Bank of New Zealand kept rates on hold at 5.5% but opened the door to sooner-than-forecast rate cuts.The central bank’s latest full set of forecasts had indicated that the first rate...

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