The Financial Markets Authority (FMA) has released new data showing that some banks pass on official cash rate (OCR) changes to borrowers and savers more quickly than others. The regulator requested information from eight financial institutions, which together provide 98% of the country's banking services.
The data, published on July 27, 2026, compares how quickly each bank adjusts its mortgage and savings rates following OCR movements. The FMA's analysis aims to increase transparency for consumers, allowing them to make more informed choices about where to bank.
According to the FMA, the findings highlight significant differences in pass-through speed. For example, one major bank adjusted its floating mortgage rate within one day of an OCR change, while another took up to five days. Similarly, savings rate adjustments varied from two to seven days.
The FMA emphasized that the data is based on historical OCR changes and does not predict future behavior. The regulator plans to update the information quarterly to help consumers track bank responsiveness.
