This week see’s ANZ and Westpac out with 1 year fixed interest rates of 3.95%.
Nothing like having a go at poaching anothers customers due to slower lending growth as a result of the Banks more restrictive lending policies.
ANZ Cuts Fixed Home Loan Rates
ANZ has trimmed Fixed Home Loan Rates today.
For the under 80%’ers
1 year fixed to 4.19%
2 years fixed to 4.35%
3 years fixed to 4.49%
OCR on hold for longer….
The Reserve Bank has today kept the OCR @ 1.75%.
Of interest was the lengthening of the period that it could remain at this low level. “”We expect to keep the OCR at this level through 2019 and into 2020″”
Swap rates, the drivers of fixed interest rates, have declined today as a result.
OCR Held @ 1.75%
The Reserve Bank has held the Official Cash Rate today @ 1.75%.
They noted they are ready to raise or lower the rate if required.
ASB Raises Short Term Fixed Interest Rates
For those under the majical 80% mark.
1 year up .09 to 4.39%
18 months up .10% to 4.49%
Whoops: Lost A Year Of Posts
Looks like we have dropped a cylinder and lost a year of posts. 🙁
ASB Tweaks Up Fixed Rate Specials
ASB has today tweaked up their Fixed Interest Rate specials.
1 year up 0.04% to 4.29%
2 years up 0.05% to 4.34%
3 years up 0.05% to 4.39%
FED and RBNZ Leave Rates on Hold
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.0 percent. The Fed Funds rate in the USA was also left unchanged.
Our Governor indicated that on current projections the Cash Rate will need to fall further to ensure inflation gets up to the middle of the target range.
ANZ passes on 0.05 of 0.25% cut in the OCR
The ANZ, NZ’s largest Bank, has passed on to its floating rate borrowers a measly 0.05 of the 0.25% cut in the OCR this morning.
After announcing the cut Reserve Bank Governor Graeme Wheeler commented: “We would like to see most of (the OCR cut) passed on.”
In the OCR announcement there is a bias toward a further cut.
Property Investors need 40%
Today the RBNZ released a “consultation paper” about further lending restrictions being applied in attempt to slow down the price increases of the property market.
The majority of Property Investors will soon need a 40% deposit which is to be applied nationwide. The Banks will start implementing this before the proposed start date of 1st September as the finger was wagged with “We expect banks to observe the spirit of the new restrictions in the lead-up to the new policy taking effect.”