The Reserve Bank has cut the official cash rate to its lowest level in three years. Photo: RNZ
Just minutes after the Reserve Bank revealed it would cut the official cash rate (OCR) by 25 basis points to 2.25 percent, advertised home loan rates started to drop.
The Co-Operative Bank said it was dropping its floating home loan rate by 31 basis points, more than the Reserve Bank reduction, to 4.99 percent.
Chief executive Mark Wilkshire said it "affirms our commitment to competitive interest rates".
- more to come
