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New Zealand has one of the highest interest rates in the developed world.

Money has been pouring into New Zealand on the back of the carry trade where investors borrow from Japan for next to nothing, fx the money in New Zealand dollars and invest in New Zealand to take advantage of the high interest rate.

This has so far been a viscous upwards circle and once interest rates begin to rise in Japan then it will be a vicious circle downwards aswell.

If you wish to discuss the carry trade in more detail then please visit the forum or contribute to our wiki.

Source: Reserve Bank of NZ

Read the latest Reserve Bank of New Zealand interest rate press release

Last updated: 04/12/2008
Next update:   29/01/2009

Typical variable rate mortgages are 2% above the base rate.
Month
Base Rate
Typical Variable Mortgage Rate
Change
Reserve Bank of New Zealand Official Releases
Dec 08 5.00 % 7.00 % 1.50 04/12/2008
Oct 08 6.50 % 8.50 % 1.00 23/10/2008
Sep 08 7.50 % 9.50 % 0.50 11/09/2008
Jul 08 8.00 % 10.00 % 0.25 24/07/2008
Jun 08 8.25 % 10.25 % 0.00 05/06/2008
Apr 08 8.25 % 10.25 % 0.00 24/04/2008
Mar 08 8.25 % 10.25 % 0.00 06/03/2008
Jan 08 8.25 % 10.25 % 0.00 24/01/2008
 
Dec 07 8.25 % 10.25 % 0.00 06/12/2007
Oct 07 8.25 % 10.25 % 0.00 25/10/2007
Sep 07 8.25 % 10.25 % 0.00 13/09/2007
Jul 07 8.25 % 10.25 % 0.25 26/07/2007
Jun 07 8.00 % 10.00 % 0.25 07/06/2007
Apr 07 7.75 % 9.75 % 0.25 26/04/2007
Mar 07 7.50 % 9.50 % 0.25 08/03/2007
Jan 07 7.25 % 9.25 % 0.00 25/01/2007
 
Dec 06 7.25 % 9.25 % 0.00 07/12/2006
Oct 06 7.25 % 9.25 % 0.00 26/10/2006
Sep 06 7.25 % 9.25 % 0.00 14/09/2006
Jul 06 7.25 % 9.25 % 0.00 27/07/2006
Jun 06 7.25 % 9.25 % 0.00 08/06/2006
Apr 06 7.25 % 9.25 % 0.00 27/04/2006
Mar 06 7.25 % 9.25 % 0.00 09/03/2006
Jan 06 7.25 % 9.25 % 0.00 26/01/2006
 
Dec 05 7.25 % 9.25 % 0.25 08/12/2005
Oct 05 7.00 % 9.00 % 0.25 27/10/2005
Sep 05 6.75 % 8.75 % 0.00 15/09/2005
Jul 05 6.75 % 8.75 % 0.00 28/07/2005
Jun 05 6.75 % 8.75 % 0.00 09/06/2005
Apr 05 6.75 % 8.75 % 0.00 28/04/2005
Mar 05 6.75 % 8.75 % 0.25 10/03/2005
Jan 05 6.50 % 8.50 % 0.00 27/01/2005
 
Dec 04 6.50 % 8.50 % 0.00 09/12/2004
Oct 04 6.50 % 8.50 % 0.25 28/10/2004
Sep 04 6.25 % 8.25 % 0.25 09/09/2004
Jul 04 6.00 % 8.00 % 0.25 29/07/2004
Jun 04 5.75 % 7.75 % 0.25 10/06/2004
Apr 04 5.50 % 7.50 % 0.25 29/04/2004
Mar 04 5.25 % 7.25 % 0.00 11/03/2004
Jan 04 5.25 % 7.25 % 0.25 29/01/2004
 
Dec 03 5.00 % 7.00 % 0.00 04/12/2003
Oct 03 5.00 % 7.00 % 0.00 23/10/2003
Sep 03 5.00 % 7.00 % 0.00 04/09/2003
Jul 03 5.00 % 7.00 % 0.25 24/07/2003
Jun 03 5.25 % 7.25 % 0.25 05/06/2003
Apr 03 5.50 % 7.50 % 0.25 24/04/2003
Mar 03 5.75 % 7.75 % 0.00 06/03/2003
Jan 03 5.75 % 7.75 % 0.00 23/01/2003
 
Nov 02 5.75 % 7.75 % 0.00 20/11/2002
Oct 02 5.75 % 7.75 % 0.00 02/10/2002
Aug 02 5.75 % 7.75 % 0.00 14/08/2002
Jul 02 5.75 % 7.75 % 0.25 03/07/2002
May 02 5.50 % 7.50 % 0.25 15/05/2002
Apr 02 5.25 % 7.25 % 0.25 17/04/2002
Mar 02 5.00 % 7.00 % 0.25 20/03/2002
Jan 02 4.75 % 6.75 % 0.00 23/01/2002
 
Nov 01 4.75 % 6.75 % 0.50 14/11/2001
Oct 01 5.25 % 7.25 % 0.00 03/10/2001
Sep 01 5.25 % 7.25 % 0.50 19/09/2001
Aug 01 5.75 % 7.75 % 0.00 15/08/2001
Jul 01 5.75 % 7.75 % 0.00 04/07/2001
May 01 5.75 % 7.75 % 0.25 16/05/2001
Apr 01 6.00 % 8.00 % 0.25 19/04/2001
Mar 01 6.25 % 8.25 % 0.25 14/03/2001
Jan 01 6.50 % 8.50 % 0.00 24/01/2001
 
Dec 00 6.50 % 8.50 % 0.00 06/12/2000
Oct 00 6.50 % 8.50 % 0.00 04/10/2000
Aug 00 6.50 % 8.50 % 0.00 16/08/2000
Jul 00 6.50 % 8.50 % 0.00 05/07/2000
May 00 6.50 % 8.50 % 0.50 17/05/2000
Apr 00 6.00 % 8.00 % 0.25 19/04/2000
Mar 00 5.75 % 7.75 % 0.50 15/03/2000
Jan 00 5.25 % 7.25 % 0.25 19/01/2000
 
Nov 99 5.00 % 7.00 % 0.50 17/11/1999
Sep 99 4.50 % 6.50 % 0.00 29/09/1999
Aug 99 4.50 % 6.50 % 0.00 18/08/1999
Jun 99 4.50 % 6.50 % 0.00 30/06/1999
May 99 4.50 % 6.50 % 0.00 19/05/1999
Apr 99 4.50 % 6.50 % 0.00 21/04/1999
Mar 99 4.50 % 6.50 % 0.00 17/03/1999