Major banks drop some home loan rates after OCR cut

Last updated 4:28pm

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Kiwibank’s chief economist Jarrod Kerr speaks to Breakfast about what he thinks the central bank will announce this afternoon. (Source: Breakfast)

Kiwibank’s chief economist Jarrod Kerr speaks to Breakfast about what he thinks the central bank will announce this afternoon. (Source: Breakfast)

The Reserve Bank has announced a new official cash rate (OCR), choosing a more aggressive rate-cutting option than some had forecasted.

The announcement was the second-to-last before the end of the year, with economic experts expecting the central bank to be responding to indicators of inflation and lacklustre economic growth.

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BNZ has followed other major banks in lowering some of its variable mortgage rates following yesterday's major OCR cut.

More mortgage rate moves in wake of major OCR cut

Yesterday the Reserve Bank slashed the Official Cash Rate by 50 basis points - down to 2.5% - while also signalling it would be "open" to further cuts.

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Online gold exchange Goldie said gold remained a tangible and trusted asset that has preserved value through history.

Why are gold prices surging?

But with prices now trading at US$4000 (NZ$6900) an ounce, is this the result of solid fundamentals or just fear of missing out?

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For Rent sign in front of new house

New rental listings continue to climb across the country

Fresh data from Realestate.co.nz shows rental listings are now up 18% year-on-year.

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ERO report says attitudes to being in school have shifted markedly, but not everyone is convinced.

Regional school terms could help attendance battle – Seymour

An Education Review Office report says it could reduce the incentive for families to take kids out of school early in order to buy cheaper airfares.

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The Cape Palliser coast is a popular recreational hotspot. (Source: Piers Fuller)

Vehicles to be banned on scenic Cape Palliser coastline

Pedestrians and cyclists would still be allowed access to the unformed legal road in the Cape Palliser area.

6:01pm

Reserve Bank 'open' to further OCR cuts after today's 'shock treatment'

Reserve Bank 'open' to further OCR cuts after today's 'shock treatment'

The good news for borrowers at most banks was that fixed-term mortgage rates have already been falling over recent weeks in anticipation of further OCR cuts.

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More mortgage rate moves in wake of major OCR cut

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BNZ has followed other major banks in lowering some of its variable mortgage rates following yesterday's major OCR cut.

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Online gold exchange Goldie said gold remained a tangible and trusted asset that has preserved value through history.

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