It won’t happen fast: NZ Mortgages
The Reserve Bank has left the official cash rate (OCR) unchanged at 5.5, highlighting its July stance that it was high enough to keep slowing inflation.
While some indications are that it may move up slightly, the recent fall in dairy price, significant fall in retail spending and other such factors are what they are looking for, a technical recession – despite us being there for six months already.
With this in mind, it would further indicate we are at the peak of interest rates, with only one way for them to come, down.
This won’t happen as fast as they rose, however. While we can expect to see this drop from early-mid 2024 it is important to remember there are multiple ways to change and extend your mortgage.
For those who are struggling, have lost the return on their rental or are in a position that isn’t sustainable, now is the time to reach out.
Predict a problem before there is a problem and let us help you through.
Want to know more about how to manage your mortgage or explore an investment property opportunity?
Contact NZ Mortgages on 0800 100 300 or firstname.lastname@example.org.