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Westpac says unlikely to cut fixed rates significantly
Westpac responded to this morning's 50 basis point cut in the Official Cash Rate by saying it was unlikely there would be any significant changes in its fixed term mortgage rates because they had already priced in the OCR cut to 3%.
Neither did Westpac cut its floating rate after the announcement, saying its rate change on February 19 (to 6.49%) was in anticipation of today's cut by the Reserve Bank of New Zealand.
"Westpac continues to review other rates but suggests fixed term mortgage rates have already built in the expectation of today's cuts so significant changes there are unlikely," Westpac spokesman Craig Dowling said.
To see a list of mortgage rates offered by New Zealand institutions, click here.
well well... seems they do
well well... seems they do not want to publicly play ball, guess what... it might be good advertising for them or show you how much banks can suck... i bet london to a brick that they will compete with a competitors bank rate behind closed doors as part of their retention policy... if you let them know you're leaving them to go to another bank.
so is that good news or bad??? might be they all do that, not just WP.
so read behind the lines kiwibank and show them the best rates, you will be picking up some new customers impressed with your honest play and making the big banks squirm as they have their hands forced...
Yes, the lines between pre-emptive
Yes, the lines between pre-emptive and a reactionary rate cutting are now very blurred. I suspect Westpac may have missed a step. But don't panic, they'll be on the winning side though.
I don't think they've missed
I don't think they've missed a step, their rate was already half a percent below the other Aussie banks. But I guess there's no reward in acting pre-emptively rather than playing the cynical game of waiting for the Reserve Bank to rubber-stamp what is ultimately a business decision.
Notice how with previos drops
Notice how with previos drops in OCR the banks dropped the week before, this time there was little or no drop?