New Zealand's central bank cut its benchmark interest rate to a record low 2.25 per cent last week but that is unlikely to result in lower mortgage rates for Whangarei home buyers.
The BNZ says while it is constantly reviewing interest rates, the bank is not announcing any changes as a result of the cash-rate cut.
"There are a range of factors that impact if a bank increases or decreases its interest rates," said Craig Herbison, BNZ head of retail and marketing. "The OCR is one of them. Equally, one other consideration is the rising cost of wholesale funds due to a more volatile offshore market."
Christian May from the ASB also said the home-loan market remains highly competitive and consequently ASB's rates are "constantly under review".
Other banks could not be reached for comment.