Mortgage interest rates are now the lowest they have been for 60 years.
No doubt Phil Twyford will tell us this is awful and Labour will be moving to raise those interest rates.
Mortgage rates have hit a 60-year low as banks vie to undercut each other.
BNZ today shaved 30 basis points off its two-year fixed rate, down to 4.69 per cent.
Statistics New Zealand data shows commercial banks’ mortgage rates have not been so low since 1955.
BNZ’s move follows the Reserve Bank’s cut to the official cash rate by 25 basis points to 3 per cent last Thursday.
BNZ’s new rate undercuts SBS Bank’s 4.85 per cent 18 month rate.
Interest.co.nz said the rate was available to BNZ customers who had at least 20 per cent equity in their property and who had a BNZ account receiving salary or wages.
Massey University banking expert David Tripe said BNZ’s new rate was “probably somewhere near where rates ought to be”. Read more »