Moody thoughts and Kiwibank's new product

Late on Friday we learnt that Moodys had dowgraded the ratings on New Zealand's banks. It is unclear at this stage what that may mean for home loan and deposit rates - if anything. You can read about Moodys thoughts here.

As readers of the NZ Mortgage Magazine will know Kiwibank has been posied to launch an offset product to compete with BNZ's Total Money. Well today is launch day. BNZ obviously had wind of the upcoming announcement as it put out some information on Friday trumpting how many millions of dollars Total Money had saved New Zealanders since it was launched four years ago.