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Westpac and Kiwibank cut in different places

Friday, February 26th 2010, 6:58AM

The week finishes on a good note with two of the more active lenders cutting rates. Westpac has dropped its one-year rate by the smallest of margins, four basis points to 6.25%, but increased its six-month rate six points to 5.75%. It also made a four point cut to its Choices Everday revolving credit loan.

Meanwhile Kiwibank made changes at the other end of the yield curve, cutting 29 points from its four-year rate and 19 from its five-year rate putting them at 8.20% and 8.50% respectively.

In the news we update you on how BNZ profits and that it only wrote a small portion of home loan business in the December quarter.

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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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