Banks weigh up fixed rate cuts

Yesterday, ANZ, ASB, Westpac, Kiwibank, SBS Bank, TSB, and The Co-operative Bank all announced they would pass on the central bank's 75 basis point rate cut. 

This morning, ANZ followed up to cut its commercial, business and agri floating term loans, flexi and overdraft base rates by 0.75%. Rates will drop from March 19.

Yet none of the banks made cuts to their fixed rate lineups. The cheapest rates in place have not changed since the unprecedented interest rate cut, but banks are reviewing their options. 

Only an estimated 15% of Kiwi borrowers use a floating rate, unlike other markets including Australia.