Interest rate in New Zealand is now 3.5%

January 29, 2009 by
Filed under: Interest Rates, Credit Cards & Mortgages in NZ 

Alan Bollard, of the Reserve Bank of New Zealand, whacked a stunning 1.5% off the official cash rate.

This means that we don’t have the highest OCR anymore – Australia sits at 4%.

Just have a look at this graph from www.interest.co.nzpolicyrates

ocr Now – hands up who could have predicted that?

Oh well, it means at least my personal mortgage is going to paid off even faster. And even better for anyone who has a 20% deposit to buy a house.

You can read a fuller blog about this – with plenty of commentary from readers at The Ratesblog.

Related posts:

  1. Lowering Interest rates in New Zealand – what does it mean for Migrants to New Zealand?
  2. ASB Interest rate changes – humph!
  3. Interest rate break fees – Labour is kicking up a stink.
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