Banks rarely pass on full official cash rate cuts to mortgage holders, Reserve Bank data shows.

The knife has been taken to saver's interest rates, but banks have been reluctant to drop mortgage rates.

The BNZ has now followed other major banks and is now passing part of last week's official cash rate cut to its mortgage-holders.

COMMENT: It's Friday morning, the day after the Reserve Bank Governor's bombshell rate cut and I've muddled my diary.

Three banks say they will pass on only part of the surprise official cash rate cut made by the Reserve Bank.

Wheeler's surprise move at odds with the way he was talking a few weeks ago, write Liam Dann.

WATCH: Fran O'Sullivan, Brian Gaynor and Liam Dann dissect the surprising rate cut and what it means for house prices.

The New Zealand dollar dropped by US1c after the Reserve Bank surprised the market with this morning's OCR cut.

INTERACTIVE: Unemployment rates have fallen to the lowest level since recession but not everyone is feeling the benefits.

The unemployment rate has unexpectedly fallen to a six year low of 5.3 per cent.

Digital legal tender could combine the inventiveness of private virtual currencies with the stability of a government mint.

Fixed rate mortgages could be set to tumble to new lows in the coming months after the Reserve Bank signaled it may have to cut rates again this year.

The Reserve Bank has left its official cash rate unchanged at 2.50 per cent, in line with market expectations.

As Auckland's property market shows signs of slowing several regions in New Zealand have hit record highs.

Latest property sales stats show Auckland property prices largely unchanged in December, while sales volumes fall.

Kiwi mortgage holders may see an increase in longer fixed term rates over the coming weeks after the US Federal Reserve lift rates this morning.

Understanding what the Fed is, and why the Fed does what it does, can be pretty complex. Here's what you need to know.

The Reserve Bank has cut its official cash rate by a quarter of a percentage point to 2.5 per cent, signalling a likely end to the current easing cycle.

ANZ, Westpac, Kiwibank and BNZ have now cut mortgage rates after the Reserve Bank reduced the OCR to a record low of 2.5 per cent.

NZ Dollar jumped over half a US cent to US67.30 after OCR cut to 2.50 per cent.

Do you live off savings? Or maybe paying off a mortgage? Here's why the OCR matters.

Latest QV stats: Moves by the Government and Reserve Bank to slow Auckland's heated housing market are having an effect - but not yet on prices.

Economists at Westpac and ASB forecast a drop in the OCR to 2 per cent next year.

Reserve Bank governor Graeme Wheeler says raising interest rates as a short-term monetary policy response to Auckland's overheated housing market is "pretty negligible".

New Zealand's banking system remains in good health, but heavily indebted dairy sector and heated property market are posing increasing risks to lenders.

Million dollar-plus properties are selling at the rate of 25 a day in NZ - 22 a day in Auckland - and at nearly double the frequency of the previous year.

The Auckland housing market slowed last month following the introduction of new restrictions, according to the latest industry figures.