Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mortgage Interest Rates Rise As Predicted

News Release February 10, 2000

Mortgage interest rates rise - as predicted

The majority of lending institutions announced an increase in both their floating and fixed interest rates in the month to February 10, according to the latest survey conducted by the Real Estate Institute of New Zealand.

Floating rates, which now range between 6.50 and 7.60 per cent, compared to the 6.50 to 7.25 per cent available in the month to January 10, 1999.

One year fixed rates now range between 6.85 and 8.50 per cent, a half per cent increase from the 6.85 to 8.0 per cent of last month. Five year fixed rates now range between 8.70 and 9.35 per cent, while fixed two, three and four year mortgage rates now range between 7.75 and 9.15 per cent.

“The Official Cash Rate having risen from 5.0 to 5.25 in the last Reserve Bank review, these increases are not at all surprising.” says Mr Max Oliver, National President of the Real Estate Institute.

“The impact of the raise in the OCR, while anticipated, is extremely hard on the New Zealand home owner, who is presently carrying the burden of the drive for lower inflation. While the current attitude of the Reserve Bank is that it is better to ‘move moderately and early, than aggressively and late’ most New Zealanders would presently be hard pushed to tell the difference.”


- ENDS -

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>