12 Jun 2015

Mortgage rates fall with OCR

9:52 pm on 12 June 2015

Two more banks have cut mortgage rates today, following the Reserve Bank's decision to drop the Official Cash Rate yesterday.

040314. Photo Diego Opatowski / RNZ. Calculator, Mortgage

Photo: RNZ

The OCR was cut for the first time in more than four years, from 3.5 percent to 3.25 percent.

Commerical banks, including ANZ, Kiwibank and ASB, reacted quickly to the announcement, lowering rates almost immediately, and today Westpac and BNZ followed suit.

Westpac has reduced its floating mortgage rate to 6.4 percent and its revolving credit product, Choices Everyday, rate to 6.5 percent.

BNZ's floating rate is down to 6.34 percent. The bank has also dropped rates for three other mortgage products.