SBS Bank and TSB Bank have revealed their response to last Thursday's Reserve Bank Official Cash Rate cut, and like most other banks have decided to keep some of the cut for themselves.
SBS says it's cutting its floating mortgage rate by 15 basis points to 5.59% effective Wednesday. And TSB has cut its floating mortgage rate by 20 basis points to 5.54% effective today (Tuesday).
Last Thursday the Reserve Bank cut the OCR by 25 basis points to a record low of 2.25%. The only bank to pass this on in full to floating mortgages thus far is the Co-operative Bank, with other banks retaining between 5 basis points and 25 basis points (the latter to date in BNZ's case), for themselves.
SBS has also cut its five-year "special" home loan rate, for borrowers with a deposit or equity of at least 20%, by 30 basis points to 4.99%. Its equity release, or reverse mortgage rate, has been dropped 15 basis points to 6.79%. Meanwhile, SBS also says it's reducing rural and commercial floating lending rates by 15 basis points from Wednesday.
The Co-operative Bank, meanwhile is cutting its two and three year fixed-term rates from Wednesday, each by 10 basis points. The new two-year rate is 4.39%, and three-year rate is 4.65%.
See all banks' carded, or advertised, home loan rates here.
SBS and the Co-operative Bank have also cut savings rates, something TSB had already done. SBS has cut call account rates by 25 basis points and term share investments for seven to 12 months also by 25 basis points. The Co-operative Bank has cut term deposit rates by between 10 and 25 basis points.
See all advertised, or carded, term deposit rates for one to nine months here, and see all term deposit rates for one to five years here.
| Floating | Prior rate | New rate | Change | effective from |
| % | % | % | for existing clients | |
| OCR | 2.50 | 2.25 | -0.25 | March 10, 2016 |
 |
5.74 | 5.64 | -0.10 | March 29, 2016 |
 |
5.75 | 5.55 | -0.20 | March 24, 2016 |
 |
5.79 | 5.69 | -0.10 | March 31, 2016 |
 |
5.65 | 5.45 | -0.20 | March 24, 2016 |
 |
5.85 | 5.75 | -0.10 | March 29, 2016 |
 |
5.70 | 5.45 | -0.25 | March 11, 2016 |
 |
6.10 | 5.75 | -0.35 | March 17, 2016 |
| ICBC | 5.60 | |||
 |
5.74 | 5.59 | -0.15 | March 16, 2016 |
 |
5.74 | 5.54 | -0.20 | March 15, 2016 |
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