Wednesday, 26 November 2008
Following on from the major banks home loan interest rate cuts, we are now starting to see big cuts from all lenders.
NZF have cut it’s one-year rate by 90 basis points and it’s six-month rate by 85 basis points. The size of the cuts reduce the longer the term starting with 75 points off two-year rates down to 40 points off it’s five-year rates.
Much of the same has been done by Public Trust with their biggest cuts made to six-month and one-year rates.
PSIS, CBS Canterbury, Sovereign, NZ Home Loans and TSB have all reduced floating rates by 75 basis points and HBS cut theirs by 66 points. CBS Canterbury also made 85 and 80 point cuts from it’s six-month and one-year rates respectively.