Rates change all the time. Keep up to date with the latest activity so you can manage your mortgage and pay-it-off faster.
Post OCR slash: mortgage rate update
It's been two days since the emergency OCR cut, which saw our already low rate go from 1% to 0.25%. So how does this translate into mortgage rates?
Emergency OCR cut
The Reserve Bank of New Zealand (RBNZ) announced early this morning that a 0.75% cut has been enforced. This takes our already low Official Cash Rate (OCR) of 1% down to 0.25% and will likely remain this low for at least 12 months.
More mortgage rate cuts
ASB and Sovereign have both announced their new two-year fixed interest rates of 3.39%. TSB is also offering the same interest rate, through their 'Price Match Promise'.
Mortgage rate update
Despite the next OCR announcement being a couple of weeks away still, it seems that banks are already starting to lower their mortgage rates in anticipation of a cut.