Search
Close this search box.
12 Dec 2024
Search
Close this search box.
Rabobank says its fixed rates within its all-in-one loan facility have already reflected daily changes in wholesale markets.
Rabobank cuts variable base rate for rural loans by 0.5
Rabobank says its fixed rates within its all-in-one loan facility have already reflected daily changes in wholesale markets. Photo: Rabobank

Variable rate reduction will be effective from December 2.

Rabobank will reduce the variable base rate on its rural loans by 0.5% in the wake of the Reserve Bank of New Zealand decision to cut the official cash rate (OCR) by 0.5% to 4.25%.

The bank had undertaken a review of overall funding costs, Rabobank New Zealand CEO Todd Charteris said.

“We have carefully reviewed our position and are pleased to be able to pass on the full 0.5% rate reduction to our New Zealand food and agribusiness lending clients at this time,” he said.

This variable rate reduction will be effective from December 2.

Charteris said Rabobank’s fixed rates within its all-in-one loan facility have already reflected daily changes in wholesale markets that had priced in the expected cuts to the OCR within the last month.

“The bank’s all-in-one loan facility provides clients with the ability to fix rates online on any portion of their loan for 30 days to five years providing them with greater control over their interest costs. This account feature is particularly beneficial for our clients in the current environment given the significant movement in interest rates across recent months,” he said.

“Off the back off these lower interest rates and improved agri commodity pricing, the mood across the agri sector has lifted considerably since the middle of the year and it’s great to see industry sentiment on the up as we move towards the Christmas and New Year period.”

You can now read the most important #news on #eDairyNews #Whatsapp channels!!!

🇺🇸 eDairy News INGLÊS: https://whatsapp.com/channel/0029VaKsjzGDTkJyIN6hcP1K

Donald Trump won Fresno County for the first time ever in the November election, and in fact the Republican president-elect made it a clean sweep of all the counties of the San Joaquin Valley.

You may be interested in

Related
notes

Most Read

Featured

Join to

Follow us

SUBSCRIBE TO OUR NEWSLETTER