Alan Bollard has dropped the official cash rate 1.5% today - down to 5%. All well and good, but when are the banks going to reflect this rate in their interest rates? I don't care about the fixed rates - what about the floating rates? Those floating rates are still really, really high. But when the OCR has gone up, the banks are right onto raising the floating rate immediately. I only have to go through all the letters I've got from Wizard to see just how quickly they move.
All very annoying.
UPDATE: Here's a link to all the current floating rates of banks in NZ. The lowest is 7.45% by KiwiBank - still really far off the official drop to 5%.
All very annoying.
UPDATE: Here's a link to all the current floating rates of banks in NZ. The lowest is 7.45% by KiwiBank - still really far off the official drop to 5%.