Banks drop mortgage rates

The Reserve Bank has cut its official cash rate by 25 basis points to a record low of 2.5 per cent.

ANZ Bank, New Zealand's biggest bank has cut its rates, reducing its floating home rate by 25 basis points to 5.74 per cent. Interest.co.nz is reporting that Westpac has now followed, cutting its fixed and floating mortgage rates.

The Reserve Bank has cut its official cash rate by 25 basis points to a record low of 2.5 per cent.

ANZ Bank, New Zealand’s biggest bank has cut its rates, reducing its floating home rate by 25 basis points to 5.74 per cent. Interest.co.nz is reporting that Westpac has now followed, cutting its fixed and floating mortgage rates.

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