Banks slash mortgage rates after OCR cut (updated regularly)

Kiwibank, ASB and SBS have slashed their mortgage rates in the first hours after the Reserve Bank of New Zealand announced a record 150 basis point cut in its Official Cash Rate to 5% and called on banks to pass through lower wholesale rates to consumers and businesses. Kiwibank dropped its mortgage rates by between 0.2% and 0.5%. Its new one year fixed rate was lowered to 6.49%, a drop of 0.5%. Kiwibank’s one year rate has been lowered by 150 basis points since the week ended November 7.