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ANZ, BNZ rate cuts; FMA warns on licensing

Monday, August 12th 2019, 9:29AM

It's an action-packed Monday. Plenty of rate cuts to report this morning and from over the weekend.

ANZ has made cuts across its fixed rate range, with new lows for standard and special products. Its 1 year special rate is down to just 3.69%, and is the cheapest on the market. See how the new rates line up on our rates table.

BNZ has also cut fixed rates. Its 2 year special is now down to 3.75%, the joint cheapest on the market, effective this morning.

A host of floating rate changes come into effect this morning. ANZ, BNZ, Kiwibank and Westpac have all passed on last week's OCR cut. [READ ON].

Some licensing news: FMA boss Rob Everett has warned advisers to hurry up if they want to remain in business: [READ ON].

Meanwhile, advisers would like to see some changes following last week's OCR cut. They believe servicing tests need to reflect the new low rate environment: [READ ON]

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