Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Bank of New Zealand Repositions Rates

30th January 2008
Media release – for immediate release

Bank of New Zealand Repositions Rates

Bank of New Zealand have repositioned their rates today, reflecting the higher cost of short term funding. Variable home loan rates and selected credit card rates will go up (by 14 bps and 100 bps respectively.)

But there are savings for customers looking for longer term funding with fixed home loan rates coming down (between 10 and 26 bps).

Blair Vernon, General Manager of Strategy and Marketing said
‘The nature of the market has changed and these rate changes reflect the impact of higher short term funding costs. The 90 day bill rates are being driven by the combination of a higher OCR and market sentiment that suggests that it will stay elevated for some time.’


© Scoop Media

Business Headlines | Sci-Tech Headlines


Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>