With another 0.75% increase in the OCR seemingly on the cards for February next year after yesterday’s not unexpected 0.75% rise, it is likely fixed mortgage rates will push towards 7% or higher in the next few months, says CoreLogic.
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Economists say the Reserve Bank's (RBNZ) base interest rate hike was as expected for now, but its forecasts for the future were a surprise.
The Reserve Bank has increased the OCR 75 basis points - its biggest rise ever. Here's why.
Mortgage advisers have been told to make sure borrowers fully understand that they can be subject to a clawback fee if a bank loan is paid back early.
Banks, brokers and borrowers are braced for the biggest jump the Official Cash Rate (OCR) has experienced since it was inaugurated in 1999.
Tracking by Colliers International research shows over the first nine months of this year 1,159 apartment units were completed in Auckland. A further 1,963 are should be finished before the end of the year.
Getting the chattels in a rental property valued is crucial to maximise the amount of cash retainable from the investment.
Next year’s introduction of a Government bill to regulate property managers has been a long time coming, says the Real Estate Institute of New Zealand (REINZ).
| SBS FirstHome Combo | 4.89 |
| Kainga Ora | 5.31 |
| Wairarapa Building Society | 5.55 |
| Heartland Bank - Online | 5.60 |
| Co-operative Bank - First Home Special | 5.69 |
| ICBC | 5.75 |
| TSB Special | 5.79 |
| Co-operative Bank - Owner Occ | 5.79 |
| Unity | 5.85 |
| Kiwibank Special | 5.89 |
| SBS Bank Special | 5.89 |
| Kainga Ora | 5.58 |
| Heartland Bank - Online | 5.69 |
| Wairarapa Building Society | 5.95 |
| ICBC | 5.95 |
| Unity | 6.05 |
| HSBC Premier | 6.09 |
| SBS Bank Special | 6.09 |
| BNZ - Classic | 6.09 |
| Co-operative Bank - Owner Occ | 6.15 |
| TSB Special | 6.15 |
| Kiwibank Special | 6.15 |
| Westpac Special | 6.29 |
| SBS Bank Special | 6.29 |
| BNZ - Classic | 6.29 |
| TSB Special | 6.39 |
| Kiwibank Special | 6.39 |
| ICBC | 6.39 |
| Co-operative Bank - Owner Occ | 6.49 |
| HSBC Premier | 6.69 |
| Kainga Ora | 6.77 |
| SBS Bank | 6.79 |
| Westpac | 6.89 |
| ANZ Blueprint to Build | 4.58 |
| SBS FirstHome Combo | 4.74 |
| Liberty | 5.34 |
| Heartland Bank - Online | 5.49 |
| Kainga Ora | 5.85 |
| Credit Union Auckland | 5.95 |
| Pepper Money | 5.99 |
| Westforce Credit Union - Standard | 6.40 |
| First Credit Union Special | 6.40 |
| Resimac | 6.59 |
| Unity | 6.65 |
Branch manager joins ANZ's business development manager team.
The man who manages reverse mortgages for Heartland Bank is moving on.
Heartland Bank will appoint Simon Tyler as new independent non-executive director.
For the first time, responsible investment KiwiSaver provider Pathfinder is included in the three year return numbers for Morningstar’s KiwiSaver Report – topping the numbers for Conservative, Balanced and Growth funds.
Challenging underlying market conditions experienced over the September quarter were evident in returns listed in the Morningstar KiwiSaver Survey Q3.
New Zealand’s 3.168 million KiwiSaver members paid $692 million in fees in 2022, a 6.9% increase from the previous year. These fees - a combination of administration and management charges - chewed up more than half of members’ investment returns, which this year dropped 90% to $1.3b.
What the OCR increase means to mortgage holders
With another 0.75% increase in the OCR seemingly on the cards for February next year after yesterday’s not unexpected 0.75% rise, it is likely fixed mortgage rates will push towards 7% or higher in the next few months, says CoreLogic. [READ ON]
Also read the economists' comments follow the OCR increase here