A 2 year fixed interest rate of 4.69% is out from Westpac today in line with the BNZ’s offering. (for the under 80%’ers)
The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 3.0 percent.
Variable interest rates should reduce over the next few days.
A further cut is on the horizon judging from todays statement.
“”A reduction in the OCR is warranted by the softening in the economic outlook and low inflation. At this point, some further easing seems likely.””
Westpac has raised their LVR limit on Apartment Lending to 85% in the hope of attracting canny First Home Buyers.
As always there’s some restrictions.
• A minimum apartment value of $355,000
• Minimum 50sqm (excluding decks, balconies, storage areas, car parks and common areas)
- Owner occupied apartments only