The government-owned Public Trust has dropped its six-month rate by five basis points to 5.50%.
This move is re-iterated by ASB Bank who is warning long-term certainty will be at a premium for mortgage holders, with the five-year rate set to be more expensive than short-term rates for some time.
New Zealand's largest bank, ANZ National Bank, saw its bottom line net profit drop 30.9% to $422 million for the six months ended March. For more on this story, click here.
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