Nearly all floating rates are down
Tuesday, March 22nd 2011, 7:12AM
Credit Union Auckland has lowered its floating rate to 6.20%. Now nearly every lender in Good Returns' comprehensive table of interest rates have dropped their variable rate following the Reserve Bank's 50 basis point cut to the OCR.
This afternoon PSIS has shaved 5 points off both its six month and two year rates, but increased the three year rate 25 points from 6.95% to 7.20%.
The two glaring examples when you sort the rates from highest to lowest on this term are NZF and Perpetual Trust. NZF's currently isn't originating any new lending at the moment while a party does due diligence on the company. Perpetual Trust is part of Pyne Gould and was in the collapsed PGC Building in Christchurch.
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