The Reserve Bank has lowered the Official Cash Rate to 2.25%.
Following this, Kiwibank announced adjustments to its home lending rates. The term loan variable and term loan offset variable rates dropped to 5.65% from 5.80%, while the revolving loan rate was reduced to 5.70% from 5.85%.
ANZ Bank New Zealand also made adjustments by reducing its Floating and Flexible home loan rates by 20 basis points to 5.69% and 5.80%, respectively. In addition, the bank lowered its business and agricultural term loan floating base rate by 15 basis points.
Meanwhile, ASB reduced its Housing Variable rate from 5.99% down to 5.79% and lowered its Orbit Variable rate from 6.09% to 5.89%.
BNZ lowered its variable rates starting December 3, with the Standard Variable Rate Loans reduced to 5.84%, TotalMoney Variable Rate Loans cut to 5.94%, and both Mortgage One and Rapid Repay rates also trimmed to 5.94%.
The Co-operative Bank reduced its floating home loan rate to 4.99% following the Reserve Bank’s OCR cut.