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Kiwibank cut floating

Monday, February 8th 2010, 9:10AM

Kiwibank has this morning cut 14 basis points from its floating rate, which is now 5.65% the second lowest floating rate offered by any lender.

BNZ's TotalMoney product is offering the lowest floating rate of 5.59%.

The other change Kiwibank made today was to its 18-month fixed rate, which was increased by 10 basis points.

Also AMP introduced new 18-month rates with the Standard rate being 6.69%, AMP Priority 6.59% and AMP Low Doc 6.89%.

In www.mortgagerates.co.nz news BNZ economist Tony Alexander looks at the Quarterly Labour Force survey analysing how it will impact the official cash rate.

 

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Future interest rate hikes softened

The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year.

For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%.

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Disclaimer: Every possible effort has been made to keep the information in the rates tables as accurate as possible, however, neither the publishers of Mortgage Rates nor anyone engaged to compile these tables accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details directly with the provider concerned.

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