PSIS cuts floating rate
Wednesday, February 24th 2010, 9:25AM
PSIS is the first non-bank lender to reduce its floating rate this year, cutting it by 20 basis points from 5.95% to 5.75% along with it's revolving credit rate.
This makes its floating rate the fourth lowest alongside Housing Corp, BankDirect, National Bank and ASB all on 5.75%. BNZ's Total Money product is offering the lowest floating rate at 5.59% followed by Kiwibank at 5.65% and ANZ's 5.69%.
The median floating rate for non-bank lenders is 6.45% which is a significant 70 basis points higher.
PSIS also dropped its discounted floating rate by 20 basis points from 5.45% to 5.25%.
In Expert Views this week ANZ says the meaty chunks comment by Governor Bollard is now off the table and after originally pricing April Official Cash Rate hikes there are now tentative moves towards a July hike by some economists.
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