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Reserve Bank opens door to cutting interest rates

The Reserve Bank surprised markets yesterday by suddenly introducing the possibility of rate cuts, announcing it’s next interest rate move could be either up or down.

As expected, the bank kept its official cash rate at 3.5 per cent at yesterday’s review but the real news for the market was the bank’s comment that it expected to keep the rate on hold for some time.

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Mortgage wars reduce interest rates on home loans

The latest round of mortgage wars is heating up, with the ASB, ANZ and Co-operative Bank announcing cuts to their interest rates in the fight to attract customers as we move into what is traditionally the peak time in house buying. The cuts reflect competition in the market, and that wholesale interest rates have also fallen.

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