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New Zealand Banks Pass on More OCR Increase to Mortgage Customers Than Savings Account Holders, FMA Says

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New Zealand's Financial Markets Authority (FMA) said all eight major banks it surveyed passed on the full 0.25 percentage point official cash rate (OCR) increase to floating rate mortgage customers following the Reserve Bank of New Zealand's Sept. 2 decision, while savings account customers received significantly smaller increases, according to a Tuesday report by the regulator.

The FMA said it collected data from eight financial institutions covering about 98% of housing loans in New Zealand, including ANZ Group Holdings (NZE:ANZ, ASX:ANZ), Westpac Banking (NZE:WBC, ASX:WBC), and Commonwealth Bank of Australia's (ASX:CBA) ASB Bank, showing that floating rate mortgage rates rose by 0.25 percentage points across most institutions.

Meanwhile, on-call savings account rates did not see the same increase, with ASB Bank and SBS Bank passing on no increase at all, while other banks passed on increases, such as 0.05 percentage points at ANZ.

The FMA said it is publishing the data to improve transparency of the pace at which banks pass through OCR changes to new and existing customers, providing consumers with a centralized source of information to assist them in making informed decisions.

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Taiwan's Regular Earnings of All Employees Rise 3.32% in July

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China's Retail Sales Growth Slows to 0.4% in August

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Shanghai Composite^SZSE
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Australia's Total Spending Rises in August Due to Higher Essential Costs, NAB Says

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