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PHOTO: Kiwi mortgage holders are in for ‘MASSIVE PAIN’ Image by rawpixel.com

The Reserve Bank of New Zealand has increased the Official Cash Rate (OCR) to 4.25%

A 75bp raise is the largest the bank has ordered since the official cash rate (OCR) was devised in 1999 and would be especially dramatic given that many economists are expecting economic growth to soon stall.

Fergs Coffee

While only 32 percent of households have a mortgage on the primary residence (STATS NZ ) those 32 percent are in for a rough rise as banks will shift their mortgage interest rates.

Property debt represents 89 percent of New Zealand’s total household debt, not including properties held in a trust. Debts on the primary residence accounts for 66 percent of total household debt.

Don’t forget landlords though – their mortgages will increase significantly as well thus meaning – massively higher rent prices.

 

Current Interest Rates (Interest.co.nz)

Banks

Institution Product Variable floating 6
months		 1
year		 2
years		 3
years		 4
years		 5
years
ANZ Standard 7.34 6.65 6.59 6.79 6.89 7.19 7.29
Standard
18 months = 6.69
Special LVR under 80% 6.05 5.99 6.19 6.29
Special LVR under 80%
18 months = 6.09
Blueprint to Build 4.58
Good Energy – Up to $80K 1.00
ASB Standard 7.35 5.95 5.99 6.19 6.29 6.99 6.99
Standard
18 months = 6.09
Better Homes Top Up 1.00
Bank of Baroda Standard 7.50 6.45 6.95
Bank of China Standard 8.35 6.75 6.95 6.95 7.15 7.15
Special 6.45 5.75 5.95 5.95 6.15 6.15
Special
18 months = 5.85
BNZ Special – Classic 5.99 5.99 6.09 6.25 6.29 6.29
Special – Classic
18 months = 6.09
TotalMoney 7.29
Std & Flybuys 7.29 6.59 6.59 6.69 6.85 6.89 6.89
Std & Flybuys
18 months = 6.69
China Construction Bank Non Standard 7.34 5.95 6.99 7.19 7.49 7.59 7.69
Non Standard
18 months = 7.09
Standard 5.50 5.99 6.29 6.39 6.85 6.85
Standard
18 months = 6.19
Co-operative Bank Owner Occupied 7.15 5.79 5.79 6.15 6.29 6.39 6.49
Owner Occupied
18 months = 6.05
Standard 7.15 6.29 6.29 6.65 6.79 6.89 6.99
Standard
18 months = 6.55
First Home Buyer Special 5.69
Heartland Bank Residential 5.49 5.49 5.65 5.59
Reverse Mortgage 8.00
HSBC Premier 7.29 5.79 5.94 6.09 6.19 6.59 6.69
Premier
18 months = 6.04
ICBC Special 7.15 5.75 5.75 5.95 6.05 6.29 6.39
Special
18 months = 5.85
Kiwibank Standard 7.00 6.95 6.89 7.15 7.09 7.19 7.19
Special 5.95 5.89 6.15 6.29 6.39 6.39
Offset Mortgage 7.00
Kookmin Standard 6.70 7.00 7.00 7.30
SBS Bank Residential 7.29 6.39 6.39 6.59 6.69 6.79 6.79
Residential
18 months = 6.55
Special 5.89 5.89 6.09 6.19 6.29 6.29
Special
18 months = 6.05
First Home Combo 4.89
Construction lending for FHB 4.74
Unwind reverse equity 7.75
TSB Bank Standard 8.05 6.59 6.59 6.95 7.09 7.19 7.19
Standard
18 months = 6.89
Special LVR <80% 7.25 5.79 5.79 6.15 6.29 6.39 6.39
Special LVR <80%
18 months = 6.09
Westpac Standard 7.35 6.59 6.59 6.79 6.79 6.89 6.89
Standard
18 months = 6.69
Special LVR < 80% 5.99 5.99 6.19 6.19 6.29 6.29
Special LVR < 80%
18 months = 6.09
Choices Offset 7.35
Choices Everyday 7.45

 

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