Reaction to RBNZ's surprise OCR comments; Kiwibank makes massive cut
Wednesday, March 27th 2019, 5:00PM
The Reserve Bank has surprised economists by stating the next OCR move is "likely to be down" due to slowing domestic and global growth. [READ ON]
KIWIBANK SURPRISES
Kiwibank is cutting its five-year home loan rate in response to market conditions as a result of the Reserve Bank’s change in outlook today. Its five-year Special rate will be cut by 80 bps to 4.29% from Monday April 1.
“Market conditions have allowed for a price change and we are being quick to pass on this benefit to New Zealanders," chief marketing officer Mark Wilkshire said. "This change enables us to offer lower rates for the longer-term.”
While we normally update the table when the change comes into effect we have made the change to Kiwibank's rate today. [See how it stacks up here]
| « RBNZ leaves OCR unchanged | TSB joins the party; SX CEO goes; Bank targets criticised » |
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