Big cuts are here! Thanks to the Reserve Bank's latest OCR drop, homeowners can breathe easier with lower mortgage rates ahead. Are you ready to save?
In an exhilarating twist for New Zealand homeowners, the Reserve Bank has sliced the Official Cash Rate (OCR) down to 4.25%, kicking off a wave of enthusiasm among major banks and Kiwis. Banks like BNZ, Kiwibank, and ASB quickly jumped on the opportunity, slashing their mortgage rates significantly. BNZ announced they would fully pass on the OCR cut to their variable home loan rates while recently slashing their six-month fixed home loan rate to an eye-catching 5.99%. Meanwhile, Kiwibank joined in the fun, reducing variable home loan and business lending rates, proving that the competition among banks is hotter than ever!
The government is all smiles too, touting the latest OCR cut as a means to put more money back in the pockets of everyday Kiwis. Many homeowners are now feeling a sense of relief as they gear up for the holiday season, with lower mortgage payments potentially providing extra cash for Christmas goodies. Rebecca James, ASB's Executive General Manager of Business Banking, remarked that her institution has consistently passed on every OCR reduction since the journey began, reflecting the banks' commitment to supporting their customers.
However, not everything is all balloons and confetti! Some financial experts warn that while slashing interest rates offers immediate relief, it’s only a temporary patch in the bigger picture of New Zealand's economy. Many are calling for sustainable growth strategies rather than sticking plasters. The Housing market is already buzzing with activity as potential buyers eagerly anticipate further cuts, with lots of hopeful homeowners keeping a watchful eye on upcoming property listings.
As we go deeper into summer, Kiwis are optimistic about the much-anticipated opportunities the lower rates can bring. In fact, with lower borrowing costs, not only does it pave the way for more buyers in the market, but it also could spark a fresh wave of investments across the country. In case you didn’t know, the Reserve Bank’s cuts have historically led to increased spending and investments, boosting overall confidence in the economy.
Fun Fact: Did you know that the current OCR of 4.25% is still significantly lower than its peak of 8.25% in 2008? These changes could help many New Zealand families realize their dreams of homeownership. Meanwhile, experts predict we could see a surge in home renovations as homeowners take advantage of lower loan rates to fund their dream fixes for their humble abodes! Buckle up, it’s an exciting time to be a Kiwi homeowner!
BNZ said it would pass the full OCR cut on to variable home loan rates. It had already cut its six-month fixed home loan rate to 5.99 percent last week. BNZ ...
BNZ will also make changes to its Total Money, Rapid Repay and Mortgage One rates. BNZ's Rapid Save rate will decrease by 45 basis points to 3.75% effective ...
Homeowners can expect further lowering of mortgage rates after the Reserve Bank today cut the official cash rate.
New Zealand's major banks have moved swiftly in lowering mortgage rates after the Reserve Bank cut the Official Cash Rate (OCR) to 4.25% today .
Press Release – ASB Bank. ASBs Executive General Manager Business Banking Rebecca James says, We have passed on every OCR cut since the Reserve Bank began ...
Some banks reacted quickly, with Kiwibank cutting its variable home loan and business lending rates and ASB dropping interest rates across personal, business ...
Slashing interest rates is half a solution at best, and sticking plasters won't put New Zealand back on the right course.
The Reserve Bank of New Zealand is widely expected to cut the Official Cash Rate by 50 basis points at 2pm today - taking it from 4.75% to 4.25%.
It follows a 50-point cut to 4.75 percent in October. "Annual consumer price inflation has declined and is now close to the midpoint of the Monetary Policy ...
With each fall in the official cash rate there has been a surge of interest from those looking for properties. Buyers have their eyes fixed on an ...
ASB, BNZ and Kiwibank announced this afternoon they would pass on the 0.5% cut to borrowers with variable-rate loans. The changes would become effective in ...
If economic conditions continue to evolve as projected, the Committee expects to be able to lower the OCR further early next year.
Press Release – New Zealand Taxpayers' Union. Slashing interest rates is half a solution at best, and sticking plasters wont put New Zealand back on the ...
The Reserve Bank has cut its official cash rate (OCR) to 4.25%, in line with most economists' expectations, and says it's likely to cut further next ...
As we look ahead to the final Official Cash Rate announcement of the year, economists are calling for a 50 basis point cut. Kiwibank economists Jarrod Kerr, ...
Homeowners can expect further lowering of mortgage rates after the Reserve Bank today cut the official cash rate by 50 basis points.
Prime Minister Christopher Luxon and Finance Minister Nicola Willis have hailed today's Official Cash Rate cut, saying it's got New Zealand headed in the ...
The financial markets and bank economists were unanimous in expecting the Reserve Bank to cut the official cash rate by 0.5% to 4.25% at today's meeting, ...
The cut brings the cash rate to its lowest level since November 2022.