Cash Rate Cut to 2.25%

This morning the Reserve Bank updated us with their view of interest rates and the economy which resulted in a cut to the Official Cash Rate to 2.25%. A change in the OCR results in movements in our home loan floating interest rates. As such all of the banks are likely to reduce their floating or variable rates today. Of course for existing customers this reduction will be future dated so the banks can squeeze a few more days on a higher rate out of their customers.

Official Cash Rate unchanged at 2.5 percent

Following the US Fed Announcement this morning the NZ Reserve Bank also kept the benchmark rate on hold.

The growth in Auckland house prices received its customary mention with the warning that it remains a “financial stability risk”.

The possibility of a lower OCR, potentially leading to lower floating home loan rates,  was left out there for further assessment over the coming year.

OCR Cut by 0.25%

Reversing the last of the 4 OCR raises in 2014 the Reserve Bank has cut the Official Cash Rate to 2.50% this morning.

Citing low inflation and a hope that the new Tax and LVR measures on property are easing Auckland house price increases the Bank remains ready to cut again if the data warrants it.

ANZ was the first to pass on the 0.25% in full on its Revolving Credit and Floating interest rates.

Official Cash Rate (OCR) unchanged at 2.75 percent.

The Reserve Bank kicked for touch today and left the Official Cash Rate (OCR) unchanged at 2.75 percent.

Talking to a couple of Real Estate Agents this week the numbers through open homes have fallen significantly this month. Perhaps we are all taking afternoon naps on account of the early starts watching the Rugby. An IRD Number and a NZ Bank Account may have something to do with it also………

GO THE AB’s

2 Year Fixed Rate Falls To 4.39%

New Reserve Bank lending requirements are being implemented at the end of the month for the Auckland investment property market. A standalone investment property in Auckland will now be limited to 70% lending. Those who want a greater level of lending can still use existing equity in another property such as the home that they are living in to obtain the other 30% if so desired.

The BNZ has introduced a 2 year fixed home loan rate of 4.39%.

PH: 0800 2 FINANCE. Auckland Based Mortgage and Insurance Assistance Since 2002