Mortgage holders have been hoping the banks will pass on the latest 50 basis point cut to the OCR - but many will have to wait.

New Zealand's major banks have all cut their floating rates, but only ASB's fixed-term mortgage rate has moved down so far.

Mortgage advisor Bruce Patton says the banks had largely predicted the OCR would drop by 50 basis points - and priced their earlier cuts accordingly.

"We saw a few banks move a few days before, we saw the BNZ come down from 6.49 to 5.99 on the Monday before the OCR was even announced. A lot of the rates had already moved." 

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