Because it was so clearly signaled, banks have been quick to announce their floating rate cuts following Wednesday's 25 basis points Reserve Bank Official Cash Rate cut. The first is from Kiwibank, followed by ASB, Westpac, and the Cooperative Bank..
This page tracks these follow-on cuts and will be updated as they come through.
| was | cut | Now | effective* | |
| % | bps | % | ||
| ANZ | 6.89 | -20 | 6.69 | 16 April |
| ASB | 6.89 | -25 | 6.64 | 16 April |
| BNZ | 6.94 | -25 | 6.69 | 16 April |
| Kiwibank | 6.75 | -25 | 6.50 | 28 April |
| Westpac | 6.99 | -25 | 6.74 | 21 April |
| Cooperative Bank | 6.45 | -25 | 6.20 | 24 April |
| Heartland Bank | 6.49 | |||
| SBS Bank | 6.99 | -25 | 6.74 | 10 May |
| TSB | 6.89 | -25 | 6.64 | 22 April |
| * effective for existing borrowers. For new clients, most banks have them effective sooner. |
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If you are an existing customer, you can ask your bank to apply the reduction sooner than their effective date listed above. They should, because the delay is only because banks are under an obligation to give advance notice of a change. But that is only meaningful in the case of a rise. They will give a new client the lower rate immediately.
You don't need to engage a mortgage broker to do this, although you could. But be aware, mortgage brokers have a conflict of interest; they would be paid a commission by the bank if they steer you away from your existing bank but would earn nothing if you stay.
Mortgage brokers are paid by the bank, and they are not subject to the same restraints as bank employees. They live off churn (known as refi) and are incentivised like real estate agents - the more transactions they do, the better their earnings. And just as real estate agents work for the seller (and are open about it), mortgage brokers are paid by the bank (but pretend they work for the borrower - "because we assist them to find the product that is in their best interests and best suits their specific individual needs.") It is an opaque relationship and floating rate borrowers especially should be wary.
Also note that mortgage brokers are incensed the Commerce Commission has suggested that they offer clients three choices. The brokers lobby has suggested one 'choice' is all that is required.
Serviceability test rates
To be updated when details are ascertained. See our tracking page here.
Along with falling mortgage rates, banks are also cutting savings account rates.
Savings account changes
| max potential rate | Account | was | cut | Now |
| % | bps | % | ||
| ANZ | Serious Saver | 2.75 | -20 | 2.55 |
| ASB | Savings Plus | 3.15 | -25 | 2.90 |
| BNZ | Rapid Save | 3.20 | ||
| Kiwibank | Online call | 2.75 | -25 | 2.50 |
| Westpac | Bonus Saver | 2.75 | -25 | 2.50 |
| Cooperative Bank | Step Saver | 3.35 | -20 | 3.15 |
| Heartland Bank | Digital Saver | 3.50 | ||
| Rabobank | Premium Saver | 3.50 | ||
| SBS Bank | Incentive Saver | 1.70 | ||
| TSB | WebSaver | 2.45 |
Notice saver account changes
| Account | was | cut | Now | |
| % | bps | % | ||
| Kiwibank | 32 days notice | 3.05 | -25 | 2.80 |
| 90 days notice | 3.60 | -25 | 3.35 | |
| Westpac | 32 days notice | 3.35 | -25 | 3.10 |
| Heartland Bank | 32 days notice | 4.25 | ||
| 90 days notice | 4.50 | |||
| Rabobank | 60 days notice | 3.65 |
Fixed mortgage rates
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Daily swap rates
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