HSBC Premier has slashed its six-month rate by 30 basis points to 5.39% which is now the lowest six-month rate in our table along with Westpac. HSBC also increased its two, three and four-year rates by 10 basis points. PSIS has also increased its three-year rate by 10 basis points to 6.95%.
Click here for more on these rate changes and what went on with rates over the past week.
Far from refusing to pass on cuts in the Reserve Bank's official cash rate (OCR) to mortgage borrowers, the major banks in New Zealand have cut their profit margins to pass on those OCR cuts, according to analysis by Westpac economists.
