Wednesday, 27 November 2024 15:18

Relief for farmers on floating interest rate

Written by  Sudesh Kissun
Lorraine Mapu, ANZ managing director for business and agri. Lorraine Mapu, ANZ managing director for business and agri.

ANZ says the latest cut to its floating rates will be welcome news to many of its business and agri customers still feeling the effects of high inflation and interest rates.

ANZ NZ managing director for business and agri, Lorraine Mapu says most business and agri customers are on floating rates so changes should flow to them “fairly quickly”.

Following the Reserve Bank’s decision to cut the official cash rate (OCR) by 50 basis points this morning, ANZ cut its business floating rates a further 40-basis points, resulting in a total 55-basis point cut for the month after the bank earlier trimmed rates by 15-basis points.

“Since rates started to drop – both wholesale and the OCR – we’ve announced 135-basis points in cuts to our business and agri customers,” says Mapu. In that time, the OCR has fallen by 125-basis points.

Mapu says most of ANZ NZ’s business and agri customers were on floating rates so the changes should flow through to them relatively quickly, giving some debt relief and helping with cashflow.

More like this

Featured

'One more push' to eliminate FE

Beef + Lamb New Zealand (B+LNZ) is calling on farmers from all regions to take part in the final season of the Sheep Poo Study aiming to build a clearer picture of how facial eczema (FE) affects farms across New Zealand.

Winston Peters questions Fonterra divestment plan

Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Quid prod quo?

OPINION: Ageing lefty Chris Trotter reckons that the decision to delay recognition of Palestinian statehood is more than just a fit…

Deadwood

OPINION: A mate of yours truly recently met someone at a BBQ who works at a big consulting firm who spent…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter