What does the latest OCR hold mean for New Zealanders? What the Latest OCR Hold Signals Today the Reserve Bank of New Zealand (RBNZ) confirmed it will hold the Official Cash Rate (OCR) at 3.25% . This is the first decision to keep the OCR on hold following a series of six cuts between mid 2024 and early 2025 from the elevated rate of 5.5% to its current level of 3.25%. While the decision was widely expected, it marks a key inflection point in New Zealand’s mortgage rate cycle