The emergency RBNZ rate cut is bringing a flurry of retail rate cuts.
This page will be updated as each announcement is made. Check back often.
The first to be announced will be floating mortgage rate cuts.
Westpac has confirmed changes to the following interest rates:
- Choices Floating and Choices Offset Floating interest rate has been reduced by 75bps to 4.59% p.a.
- Choices Everyday interest rate has been reduced by 75bps to 4.69% p.a.
- The variable housing rate changes are effective from Wednesday 18 March 2020 for new customers and from Wednesday 1 April 2020 for existing customers
Westpac's fixed home loan rates remain under review.
On savings rates Westpac says:
- Its 32-day Notice Saver interest rate has been reduced by 75bps to 1.25% p.a.
- Its Westpac Bonus Saver and Westpac Bonus Saver PIE interest rate has been reduced by 75bps to have a total available rate of 0.65% p.a.
- These changes are effective from Wednesday 18 March 2020
Westpac says term (deposit) investment rates remain under review.
The next announcement is from BNZ who also said they will pass on the OCR cut in full for floating rates, taking their 5.30% rate down to 4.55%.
BNZ also said it has expanded its package of support measures to help business customers through the impacts of COVID-19.
Their business support package includes:
- Reduction in overdraft rates
- 100% asset finance funding at reduced rates
- Extensions of Trade Credit, Principal repayment holidays and moving to Interest Only terms on a case by case basis.
- Online, 24/7 capability to apply for unsecured lending up to $100K
BNZ's changes are effective from March 18 for new lending, and from April 1 for existing lending.
ANZ has also announced a cut. Their floating home loan rate will drop from 5.19% to 4.44% while the Flexi rate will drop from 5.30% to 4.55%. The new rates will take effect from 19 March for new floating rate home loans and 2 April for existing floating rate and flexi home loans.
ASB says its variable home loan rate will be reduced by 75 basis points to 5.20%, and its orbit home loan rate will be reduced by 75 basis points to 4.55%. These changes are effective from Wednesday, March 18 for new customers and Wednesday March 25 for existing customers. Lending criteria and conditions apply.
Kiwibank is cutting its variable, revolving and offset mortgage rates by 75 basis points to 4.40%, 4.45%, and 4.40%, respectively. Correction: The changes take effect Friday, March 20 for new customers, or Friday April 3 for existing customers..
Kiwibank also says it's bolstering resources to support customers financially affected by the global outbreak.
"The relief package features a range of possible support options for both business and personal customers. These may include: Temporary overdraft facility, interest only option for personal and business lending, and three-month repayment holiday. Any business or personal customer concerned about their situation should get in touch with the New Zealand owned bank to discuss their needs," Kiwibank says.
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SBS Bank, TSB, and the Cooperative Bank have also each cut their floating rate by -75 bps.