30th January 2008
Media release – for immediate release
Bank of New Zealand Repositions Rates
Bank of New Zealand have repositioned their rates today, reflecting the higher cost of short term funding. Variable home
loan rates and selected credit card rates will go up (by 14 bps and 100 bps respectively.)
But there are savings for customers looking for longer term funding with fixed home loan rates coming down (between 10
and 26 bps).
Blair Vernon, General Manager of Strategy and Marketing said
‘The nature of the market has changed and these rate changes reflect the impact of higher short term funding costs. The
90 day bill rates are being driven by the combination of a higher OCR and market sentiment that suggests that it will
stay elevated for some time.’
ENDS