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Today, the RBNZ cut the OCR to 4.25%, reducing it by 50 basis points. It’s been an active second half of the year, with two OCR reductions in recent months – August reducing 25bp from 5.50% to 5.25%, then 50bp in October from 5.25% to 4.75%. Today is the final change of
New Zealand house prices have experienced rapid both growth and decline in recent years, the typical boom and bust cycle that we see in the NZ property market. The Reserve Bank of NZ explains in its latest Financial Stability Report, that the drivers are a result of interest rates changes, government policy
Competition is brewing, and excitement is rising with major NZ banks continuing to lower their testing rates. As published in the latest Financial Stability Report Nov 24, the Test Interest Rates that lenders use to asses borrowers debt-servicing capacity have fallen from an average 9% to 8% in October. Westpac, ANZ and
Today the OCR dropped by 50 basis points to 4.75%, signalling an optimistic economic outlook for many Kiwis which could boost consumer confidence and encourage more buyers back into the property market. Read full update here. Anecdotal evidence has pointed to a pick-up in activity over recent weeks, and Barfoot and Thompson’s Auckland
Like hearing the starting gun for the Olympic Games 100m final, NZ’s major banks were quick out of the blocks lowering mortgage interest rates in response to today’s RBNZ OCR Announcement. In the first cut since March 2020, the RBNZ OCR announcement cut by 25 basis points moving it from 5.50% to
The much-heralded Debt-to-Income ratio restrictions are finally here, and the question is what does it mean for home buyers and property investors? According to economic data released on June 20, New Zealand’s GDP has increased, albeit only marginally by 0.2%. Although this doesn’t warrant popping the champagne corks just yet, it technically
It’s likely you were banking on the First Home Grant for your home loan deposit? What can you do now if you’ve been caught short? Being a KiwiSaver member and eligible applicant would have allowed you to receive a grant of up to $10,000 for a brand new home or up to
Interest rates rose as the Reserve Bank seeks to control inflation, although they have stayed steady in 2024 with the current OCR sitting at 5.50%. Is your fixed mortgage interest rate coming to an end? Time for proper advice. According to the latest OneRoof-Valocity figures NZ’s average property value hit bottom in
For many years it’s been a common complaint that banks in New Zealand, wield far too much power over their customers, and actively stand in the way of authentic competition. At a time when inflation is rearing its ugly head, household budgets are being stretched more than ever. This has forced the
Now could be a great time to refinance your loan with a different bank or speaking to your Financial Advisor about negotiating a better rate with your current bank. Refinancing is an important financial decision that can have a significant impact on your overall financial situation. First up, here is everything to
What is a Mortgage? A mortgage is a loan from a lender to help you complete the purchase of a property. The lender will use the property as an asset for security. You get charged for this home loan through an interest rate. Mortgages are a topic smothering headlines across the world
We always say, do what works best for your goals, needs, and situation. These tips to manage your mortgage, properly will give you ideas to save money, help give you cash in hand while paying down your mortgage. 1. Lower the interest rate if possible If you have the capacity to get
Mortgage cashbacks are well known throughout banks in New Zealand and are helpful when you’re a home buyer. They are an incentive from a bank to a consumer to switch from another provider or obtain a new mortgage. This incentive can help to facilitate or cover expenses that could be incurred on