Latest interest rate information from New Zealand's four major banks

On July 25, 2024, following the latest round of interest rate adjustments by the four major banks, all banks lowered their fixed-term loan interest rates. As of today, the preferential interest rates offered by various banks are shown in the following figure. Currently, the market generally predicts that the central bank will initiate its first OCR (Optical Rate of Return) reduction in November, with an adjustment of 0.25%, after which it will continue to decline. It is expected that the OCR will be lowered to around 3.5% by the end of 2025. Customers whose interest rates are about to expire should try to lock in their rates the day before the expiration date, considering locking in for 6 months or 1 year, to better cope with interest rate adjustments.