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29 Apr 2024

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LVR restrictions have added to resilience
This Bulletin reflects on a decade of using macroprudential policy and finds New Zealand’s loan-to-value ratio (LVR) restrictions on new mortgage lending have added to the resilience of the financial system

Cooking the Books podcast: The couple paying off the mortgage in five years, despite three kids
Each week BusinessDesk and the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how one family plan to annihilate their mortgage. Hosted by Frances Cook. It's hard enough to scrape together...

Cooking the Books podcast: Mortgage-free at 31 thanks to a tiny house on a llama farm
Each week BusinessDesk and the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's the couple who made a major lifestyle change in order to become mortgage-free. Hosted by Frances Cook. If you...

More mortgage pain: Two major banks lift home loan rates
ASB and Kiwibank have both lifted their mortgage and deposit rates today in response to the Reserve Bank's latest official cash rate hike.ASB's housing variable rate will move from 5.85 per cent to 6.35 per cent, effective from...

OCR: Reserve Bank of Australia announces massive rate hike
The Reserve Bank of Australia has raised interest rates for the third month in a row with another massive hike set to add hundreds of dollars to monthly mortgage repayments for the average borrower.After its July meeting this afternoon...

Banks begin hiking mortgage rates post OCR
ANZ and Kiwibank have both lifted mortgage and deposit rates today in the wake of last week's big OCR hike.Kiwibank was the first to move this morning , lifting its headline rate for a two-year fixed mortgage to 5.19 per cent per...

Thousands of first home buyers could be in trouble as interest rates head skywards
There are fears thousands of first home buyers will be tipped into financial distress by rising mortgage rates, as the Reserve Bank tries to battle inflation.Many will be paying thousands extra each month to service their mortgages.The...

Cooking the Books podcast: Why a flatmate could be the secret to affording your first home
Each week BusinessDesk and the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to boost your income to get a mortgage application approved. Hosted by Frances Cook. First-home buyers...

More banks move to increase interest rates
Two more banks bumped up their mortgage rates today again in more bad news for borrowers while there are some positive signs for savers with one bank offering 5 per cent interest - the highest rate in some time.Kiwibank and Westpac...

The Front Page: Recession, mortgage shock, inflation – How hard will economic storm hit Kiwi families?
Bankers, economists and politicians are ringing the recession alarm bell around the world. Economists in New York recently told a group of New Zealand businesspeople a recession was likely – and this message is also starting to...

Heartland Group reveals record profit and $200m capital raise
Heartland Group Holdings has raised $200 million in new capital off the back of a record financial result.The listed financial firm which owns Heartland Bank and a reverse mortgage business spanning both New Zealand and Australia...

Cashback war: BNZ offers up to $20K back for home loan borrowers
A year ago the battleground for banks was rock-bottom mortgage rates but now they have turned to cashbacks to entice borrowers to sign up or switch.BNZ has announced it will give 1 per cent of the value of a new home loan or up...

Mortgage rates predicted to rise to between 6pc to 7.5pc
Mortgage rates will likely lift to between 6 per cent and 7.5 per cent over the coming year worsening the cost of living crisis, Kiwibank's economists say.The bank made the prediction ahead of the Reserve Bank's official cash rate...

Home buyers increasingly resorting to pooling their resources - bank
By RNZ As first-time buyers look to break into the property market, more and more people are open to the idea of buying their first home with friends.Kiwibank mobile mortgage manager Philippa Scott told RNZ's Karyn Hay the high...