3 NZ banks reduce mortgage and term deposit rates in anticipation of Reserve Bank official cash rate cuts.

3 major NZ banks, BNZ, ASB, and Kiwibank, reduced mortgage rates ahead of the Reserve Bank's meeting, citing falling wholesale interest rates. BNZ dropped short-term fixed rates and saw long-term rates decrease by up to 40 basis points, while ASB and Kiwibank also cut rates. Term deposit rates were also reduced by up to 30 basis points. Banks predict potential official cash rate cuts in October and November.