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OCR not going anywhere: Economists

OCR increases are off the table for now, economists say.

Thursday, January 22nd 2015, 1:36PM

It was revealed yesterday that the CPI contracted 0.2% in the final quarter of last year, bringing annual inflation to 0.8%, below the Reserve Bank’s target band.

Bank economists said that meant borrowers with home loans would not need to worry about interest rate rises any time soon.

Westpac’s economists said they expected inflation to stay below 1% until the end of this year.

They said that would keep the OCR on hold until June 2016 – although the prospect of a hike was so distant that it was a red herring to discuss exactly when it might happen.

They said debate should turn to whether the Reserve Bank would cut the OCR this year. “We regard cuts as unlikely but not unthinkable.”

ASB agreed inflation would be low throughout this year and not move beyond 1% until the last quarter. The bank’s economists said housing costs were the only area where inflation was picking up.

“Given how long inflation has been low, we judge it is increasingly unlikely that the RBNZ will lift the OCR in 2015. Increasingly, the case for a higher OCR is about if, not when, rates go up. We think the balance has tipped to the OCR remaining on hold over the next couple of years and we have changed our OCR view to now expect no OCR increases for the foreseeable future.”

BNZ said it had expected low CPI and had pushed out its forecast. BNZ’s economists have pencilled in three hikes next year, in March, June and September.

JP Morgan said the CPI data supported its revised forecast of an OCR hike in the first quarter of 2016 instead of mid-to-late this year.

« Kiwibank starts this year's home loan rate cutsWhat the Reserve Bank said »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 15 November 2019 4:16pm

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