Is this a sign of things to come?

Wednesday, June 13th 2012, 6:00AM 1 Comment

BNZ has this morning hiked, yes increased, its 18 month Classic rate from 5.10% to 5.55%. Is this a sign of things to come?

Tomorrow's OCR announcement my well help answer that question. While most economists are picking no change to the OCR there is a group who suggest a cut, like in Australia last week, maybe on the cards.

Meanwhile, yesterday, we had both REINZ and QV give their update on house prices in May. We have wrapped up the two views on the market in this piece.

« Who is forcing mortgagee sales?

What will the Gov do? »

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On 13 June 2012 at 12:16 pm alttab said:

BNZ went out on a limb a few months ago too, increasing the interest rate on its Total Money mortgages, when everyone else kept their rates the same. I've just switched loans to another bank because they are so uncompetitive, at no cost, and for a much better set of interest rates. This was after giving the BNZ the opportunity to improve the arrangements already in place. It feels like they've really made an effort to lose our custom.

Is this a sign of things to come?

Wednesday, June 13th 2012, 6:00AM 1 Comment

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