This morning’s announcement on the emergency Reserve Bank New Zealand rate cut has already brought through sweeping changes to retail bank rates across New Zealand. All five of the major banks in New Zealand have announced that they will be making a range of mortgage rate changes reducing their mortgage rates in accordance with the OCR rate cut.
They may never be a better time to compare your mortgage rate or take a free Mortgage Health Check from Money Compare and our mortgage advisory partners The Umbrella Company.
Westpac Mortgage Rates
was the first to confirm mortgage rate changes at the following interest rates:
• Reduction of 75bps on interest rate on Choices Floating and Choices Offset Floating products. New interest rate of 4.59% p.a.
• Reduction of 75bps to 4.69% p.a. on Choices Everyday interest rate.
• Westpac's fixed home loan rates remain under review at time of writing.
Westpac banking mortgage rates on their variable products will see changes be effective from Wednesday 18 March 2020 for new customers and from Wednesday 1 April 2020 for existing customers.
BNZ Mortgage Rates
have also already announced changes to BNZ Mortgage Rates following the latest OCR rate cut announcement.
• BNZ floating mortgage rates will change from 5.30% rate down to 4.55%.
ASB Mortgage Rates
mortgage rates will reduce alongside the other big five NZ mortgage lenders. The changes for ASB mortgages will become effective from Wednesday, March 18 2020 for all new customers and Wednesday March 25 2020 for any existing ASB mortgage customers.
• ASB variable home loan rate will reduce by 75 basis points to 5.20%
• ASB Orbit home loan rate will reduce by 75 basis points to 4.55%.
ANZ Mortgage Rates
has also announced a cut to their mortgage rates. The revised ANZ mortgage rates will take effect from 19 March 2020 for new floating rate home loans and 2 April 2020 for existing floating rate and flexi home loans.
• ANZ Floating home loan rate reduces from 5.19% to 4.44%
• ANZ Flexi mortgage rate will reduce from 5.30% to 4.55%.
Kiwibank Mortgage Rates
has said that it will be bolstering resources to support customers financially affected by the global outbreak and has also responded to the OCR cut by reducing Kiwibank mortgage rates.
• Kiwibank variable mortgage rate reduced by 75 basis points to 4.40%.
• Kiwibank revolving mortgage rate reduced by 75 basis points to 4.45%.
• Kiwibank offset mortgage rates reduced by 75 basis points to 4.40%
The changes to Kiwibank mortgage rates will be immediate and take effect from today, Monday 16th March 2020.
As with any mortgage lending all the banks have their own lending criteria and conditions to apply.
More changes to fixed rate mortgages will inevitably follow as banks and lenders respond to changes in the global economy. Be sure you are best placed to benefit from these changes. The Money Compare Mortgage Health Check is a free, no obligation service to see if you can save on your mortgage. Request a free consultation today.