After successive reductions to the Official Cash Rate in New Zealand, many banks have started reducing home loan interest rates. This has included floating (or variable) rates, which some customers prefer for the flexibility they can offer.
Reserve Bank interest rate data shows a 53% increase in owner occupied mortgages on floating rates in September-October compared to the same time last year.
The Co‑operative Bank has responded to this customer need for flexibility by reducing our floating interest rate to 6.95% – putting our floating rate at the lowest in the market (as at the date of this article).
You can read more about what's happening with floating rates and what to consider when deciding whether to fix or float in an article by our Chief Product Officer Jon Armour on mortgages.co.nz here: Falling rates have more customers considering floating
And Talk to us or a mortgage broker about our leading floating rate.