Over the past year, following each Reserve Bank review of the Official Cash Rate (OCR), the Financial Markets Authority – Te Mana Tātai Hokohoko has asked eight banks for the interest rates they offer on floating-rate mortgages and on-call savings accounts, based on standard customer profiles.
The banks (ANZ, ASB, BNZ, Kiwibank, SBS, Westpac NZ, The Co-operative Bank and TSB Bank) were chosen as, together, they provide about 98 percent of housing loans to New Zealanders.
We publish the information they provide on our website one week after the OCR is announced. See the latest data on our website here: OCR Pass Through Transparency.
We do this to improve transparency and to help people better understand the speed and scale of bank responses to OCR changes for new and existing customers. This helps people to make informed decisions about banks and banking products.
The aim is also to encourage banks to reflect on fair treatment for their customers and how their products align with customer’s requirements.
Now that we have a full year of data we’re working to enhance how we present this on our website. We want to make it easier to understand and compare how and when the banks pass through interest rate changes to both new and existing customers.
