Reserve Bank cuts OCR to 3 per cent

The Reserve Bank cut the Official Cash Rate by 25 basis points to 3 per cent this morning and banks quickly followed suit, cutting their own floating mortgage rates. New Zealand's biggest bank, the ANZ, cut its rates by 0.25 per cent to 6.24 per cent for its floating rate and 6.35 per cent for its flexible home loans. The new rates will take effect for new customers from Monday July 27 and for existing customers from August 10.

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Urbano reopens
New Zealand

Urbano reopens

Mark Solon and Jane Solon inside their newly refurbished restaurant, Urbano Bistro, which reopened this week after a car crashed inside nearly six weeks ago.