​Competition between the banks for the lowest home loan rate continues - ASB and Kiwibank have hit back with record low rates. It comes amid speculation that the official cash rate (OCR) could be cut below zero in the coming months. Craig Sims, ASB executive general manager retail banking, said the reduced rate would be welcome news for many homeowners, and first-home buyers. We have been doing our best to help support their financial wellbeing and will continue to do so," Sims said. The OCR signal would probably move the shorter fixed rates down by more, while additional quantitative easing might have more of an effect initially on some of the longer-term fixed rates."

Source: Stuff May 21, 2020 21:49 UTC