Three major banks in New Zealand have decreased mortgage rates ahead of the Reserve Bank’s meeting. The banks have reduced wholesale interest rates in anticipation of the central bank’s potential monetary policy easing.
BNZ has lowered almost all short-term fixed housing rates, with longer-term rates (ranging from 3 to 5 years) experiencing the most significant drop of 40 basis points, now at 5.99 percent.
ASB has reduced its fixed home rates, with longer-term rates below 6%, and the popular two-year rate has decreased by 24 basis points to 6.25 percent.
Kiwibank has also lowered its special fixed-term rates, with its two-year rate now at 6.34 percent.
The RBNZ is scheduled to meet on August 14th to release the monetary policy statement.
The official cash rate has stayed at 5.5% since May 2023, but banks forecast potential cuts this year, possibly in October and November.
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