Westpac has followed ANZ and National Bank's lead and cut its three, four and five-year rates to 7.75%, 8.20% and 8.50% respectively. Its three-year rate is now the lowest alongside ANZ for the major banks.
TSB Bank has reduced its four and five-year fixed rates also today. Its four-year rate dropped 30 points to 8.20% and its five-year rate fell 15 points to 8.50%.
Meanwhile we review yesterday's official cash rate announcement here and provide a look at what has happened to interest rates over the past five years in this graph.
Reserve Bank governor Alan Bollard stuck to the script in leaving interest rates unchanged and indicating he may start hiking about the middle of the year.
Reserve Bank of New Zealand Governor Alan Bollard kept the Official Cash Rate unchanged at 2.5%, as expected, and reiterated a mid-year start to rate hikes, saying the subdued pace of recovery will restrain inflation.
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5%.
Westpac has followed ANZ and National Bank's lead and cut its three, four and five-year rates to 7.75%, 8.20% and 8.50% respectively. Its three-year rate is now the lowest alongside ANZ for the major banks.
TSB Bank has reduced its four and five-year fixed rates also today. Its four-year rate dropped 30 points to 8.20% and its five-year rate fell 15 points to 8.50%.
Meanwhile we review yesterday's official cash rate announcement here and provide a look at what has happened to interest rates over the past five years in this graph.
