|Banks offer Historic Interest Rate Lows
Coronavirus continues to affect the New
Zealand housing market, with prices expected to fall, people struggling to pay rent, and mortgage payments deferred in record numbers. The nation's largest banks have come to the party by dropping interest rates in an effort to bring in new customers. Kiwibank was the first lender to offer a historic low rate, with ASB following quickly and both ANZ and Westpac also dropping their
two-year fixed home loan rate to under 3%. While the Reserve Bank of New Zealand left the official cash rate at 0.25% in its latest announcement, further rate cuts and quantitative easing measures both remain on the table.