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

 

SBS reacts swiftly to OCR reduction

MEDIA RELEASE


4 December 2008


SBS reacts swiftly to OCR reduction


New Zealand’s newest bank SBS Bank has responded swiftly to today’s cut in the Official Cash Rate (OCR) by announcing a substantial 195 basis point drop of its floating home loan rates.

The drop brings SBS Bank’s floating mortgage rate to just 7.20 percent, which is a four-year-low.

SBS Bank chief executive Ross Smith said “we are committed to supporting our customers and today’s announcement will be welcome news for many of them.

“SBS Bank is able to pass on the full benefits of the OCR reduction and more because we are not affected by the increased cost of borrowing offshore, which has been a result of the global credit crunch. As a registered bank owned by our customers, we have always maintained that they are our primary focus and thus will remain so.

“The OCR, set by the Reserve Bank of New Zealand, is the key influence on home loan interest rate in New Zealand. Other conditions such as the global financial turmoil over the past year can also affect rates.

“In real terms, it means that householders on a floating rate with a 30-year, $300,000 loan will see about $315.00 carved off their monthly mortgage payments. Passing on the full reduction could potentially be a lifeline to some homeowners,” Mr Smith said.


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

DoC: A Tale Of Two Halves For Rock Wren/Tuke
It’s a tale of two halves for rock wren/tuke with their fortunes hanging on effective predator control, the latest South Island-wide survey shows. The Department of Conservation monitoring programme, now in its third year, tracks populations of this small alpine bird... More>>


TradeMe: Wages Remain Hot While Job Listings Cool Off
Salaries are skyrocketing in the regions as Kiwi employers battle to attract staff and combat the rising cost of living, according to the analysis of over 77,000 vacancies listed on Trade Me Jobs for the quarter ending 30 June (Q2)... More>>



Tegel: Chicken Prices On The Rise But It’s Still The Favourite Protein For Kiwi Families

A combination of domestic and international factors is forcing New Zealand’s largest poultry supplier Tegel to raise its prices from July. The roughly 10% price rise is a result of ongoing cost pressures on the industry, including increases in labour... More>>



Motor Industry Association: New Vehicle Registrations Soften

The Motor Industry Association’s Mark Stockdale says that 12,049 registrations of new vehicles for the month of June shows the market is weakening in the face of raising costs of living... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>