‘Relief heading into Christmas’: How banks reacted to the OCR cut

New Zealand’s major banks have moved swiftly in lowering mortgage rates after the Reserve Bank cut the Official Cash Rate (OCR) to 4.25% today . The 50 basis points (bps) cut – the second in as many months – will provide further relief to homeowners.

The majority of movement from the banks today came in the form of floating rates. After cutting most of its fixed-term lending rates last night, ANZ followed up with changes to its floating home loans. ANZ’s floating home loan rate will fall to 7.



39%, down from 7.89%. Its flexible home loan rates will drop to 7.

5% from 8%..