Bank of New Zealand Repositions Rates

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

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