RBNZ cuts rate

The Reserve Bank today reduced the Official Cash Rate from 5.75% to 5.50%.

Monday, April 28th 2003, 7:04PM

by The Landlord

Reserve Bank Governor Alan Bollard commented "In January this year, we said that if the exchange rate remained unchanged or appreciated further, and if the evidence pointed to reduced pressures on resources and medium-term inflation, then there might be scope for a cut in the OCR later in the year. In our judgement, these conditions have now been met.

"The available data suggest that growth in the New Zealand economy is slowing as we projected in our March 2003 Monetary Policy Statement. A weak international economy is now being reflected in softer activity in New Zealand's tradable sector. The domestic economy remains relatively robust, especially in the housing market. However, the weaker tradable sector is expected to feed through into reduced domestic demand elsewhere in the economy, as exporters' incomes decline.

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2yr

3yr

AIA - Back My Build

3.34

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5.89

4.65

5.25

5.49

ANZ

5.79

▲5.39

▲6.09

▲6.29

ANZ Blueprint to Build

7.39

ANZ Good Energy

1.00

ANZ Special

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▲5.49

▲5.69

ASB Bank

5.79

4.65

5.25

5.49

ASB Better Homes Top Up

1.00

Avanti Finance - Near Prime

6.35

Avanti Finance - Specialised

7.45

Basecorp Finance

6.35

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Flt

1yr

2yr

3yr

BNZ - Mortgage One

5.94

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5.94

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5.84

4.65

5.19

5.39

BNZ - TotalMoney

5.94

CFML 321 Loans

3.95

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6.05

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6.25

CFML Standard Loans

6.95

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6.44

4.85

4.95

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6.44

5.85

5.95

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4.55

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4.65

5.29

5.49

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4.99

5.15

5.79

5.99

Credit Union Auckland

7.70

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▲5.09

5.49

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6.49

▲5.69

▲6.09

Heartland Bank - Online

▲5.80

5.89

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Heretaunga Building Society

6.50

5.50

5.65

ICBC

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4.49

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4.59

4.95

5.19

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6.19

6.35

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5.75

4.75

5.29

5.55

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6.65

6.55

6.22

6.20

Nelson Building Society

6.49

4.69

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5.29

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5.49

6.05

6.29

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5.79

4.69

5.25

5.49

Unity First Home Buyer special

4.09

Unity Special

5.79

4.80

5.29

Unity Standard

5.79

5.60

6.09

Wairarapa Building Society

6.15

4.95

5.45

Westpac

5.89

5.39

5.79

6.09

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5.99

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5.19

5.49

Median

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4.80

5.45

5.49

NZ's Financial Adviser News Centre

NZ's Financial Adviser News Centre

News

RBNZ cuts rate

The Reserve Bank today reduced the Official Cash Rate from 5.75% to 5.50%.

Monday, April 28th 2003, 7:04PM

Commenting is closed