PHOTO: SUPPLIED – Mieke Welvaert: The official cash rate has historically been lower in Australia.

They’re owned (mostly) by the same people. So why do banks in Australia charge their home loan borrowers less than we pay here?

The average one-year rate being advertised by the seven big New Zealand banks was this week 3.98 per cent – fractionally below Australia’s 4.03 per cent.

That’s made news because it’s unusual – Australian rates are generally noticeably below those charged on this side of the Tasman.



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