The wait is over for BNZ and Kiwibank to make their rate changes and it appears to have been well worth the wait as both banks have cut their floating rates.
Kiwibank cut its floating rate today by 20 basis points to 5.79% and BNZ cut its floating rates by 15 points. BNZ's Total Money floating rate is their lowest at 5.85%, which is a minimum of 55 basis points lower than the other three NZ banks.
Both banks have also followed suite with other lenders or late and raised their longer term rates by a similar margin.
Other rate changes to advise are from CBS Canterbury, PSIS and AMP who have all increased terms of two-year or longer.
