Current Interest Rates
Interest rates have been topical in recent months. SBS surprised the market with a 4.99% 5 year fixed rate a month or so ago. This rate has now been removed however it certainly surprised the other banks who struggled to match this outstanding offer. Since then another local player the Co-operative Bank have launched a 4.99 % fixed rate for 18 months.
Last week the Australian Reserve Bank cut interest rates. There was immediate focus locally on whether it was likely that a cut to our official cash rate (OCR) may follow in due course. In the NZ Reserve Banks recent OCR review they kept interest rates on hold but the sentiment was that there may be some need for rates to be reviewed downward depending on inflation results in coming months. The chief bank economists have generally sat on the fence and believe the chances of an OCR cut this year sits at a 50/50 chance.
Finally I am happy to be able to announce as of next week I will be in a position to process lending through BNZ. BNZ have announced they are preparing to enter back into the broker market in a staged approach with only 10 Christchurch based advisers being given that opportunity initially – one of these advisers being me. That now means I can place business with the following mainstream banks…
ANZ,ASB,BNZ,Co-opertative Bank, Kiwibank, NZCU South,Sovereign, SBS Bank and Westpac. I can look across the market to find the best solution..and the banks are eager for your business so excellent pricing on interest rates and cash back is on offer.
Please get in touch if I can be of assistance.