Just when you thought the only way was up Kiwibank drops some rates. Today it has lowered its one year rate 10 points to 6.15% and brought down its two and three year rates by 10 and 9 points to 7.10% and 7.70% respectively.
Westpac has dropped its one-year rate also by 10 points to 6.15% and reduced its three-year rate by 5 points to 7.70%.
AMP has also lowered rates, but for longer maturities. Its changes are to three, four and five year rates. The cuts range from 24 basis points to 30pts.
Credit Union North has followed suite slightly by cutting its three-year rate by 35 points to 7.75%.
Meanwhile the government is redoing its tax numbers. The Tax Working Group's (TWG) predictions on how much revenue could potentially be collected from tax on the property investment sector is significantly less than the TWG suggested. Read more here.
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