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The RBNZ has ramped up the pace on interest rate cuts, delivering a 0.50% reduction to the OCR on 9th October. And with more big cuts seemingly in the pipeline, here's what that means for interest rates, the wider economy and New Zealand's housing market.
Short-term fixed rates have remained stubbornly high in the wake of recent OCR cuts. But with bank margins now up near record levels, Squirrel founder JB is urging lenders to starting passing the benefits of rate cuts onto customers where it matters.
In what will be welcome news for borrowers, the RBNZ dropped the OCR by 0.50% on 9th October—which should mean greener shoots are on the way. Nick Virtue, one of our resident mortgage experts in Wellington, explains what it means for interest rates.
Our housing market was one of the first parts of the economy to feel the impact of rising interest rates—and it will be one of the first to benefit now that rates are on the way down again. But how long will rate cuts take to flow through to the rest of the economy?
