Mortgage holders question banks on rate cuts

Bollard cut the official cash rate (OCR) from 3% to 2.5% on March 10.

Kiwibank passed on Bollard's cut to new customers taking on floating-rate mortgages immediately but its existing customers with floating rate mortgages have to wait until March 28.

The four major Australian-owned banks took between one and four days to pass on the cut for new customers but their existing customers have to wait until March 24, in the case of BNZ, and up to April 4, in the case of ASB Bank.

One site reader, who describes herself as a disgruntled ANZ Bank customer, questions whether the banks are taking the opportunity to profiteer at their customers' expense.