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Quiet first week

Friday, March 5th 2010, 10:57AM

The first week of March has been very quiet on the home loan front, however attention is shifting to the upcoming Official Cash Rate announcement.

Today we report that BNZ's Tony Alexander has changed his view and said now is the time to move from floating rates to fixed. See what he says here.

One of the main news themes has been the latest quarterly disclosure documents from the banks.  TSB Bank saw its its net profit surge in the December quarter and its mortgage book continued to grow.

In other news for brokers we have a story this week about the NZMBA being the first association to join up to a disputes resolution scheme. You can find out more about what it is doing here.

 

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Future interest rate hikes softened

The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year.

For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%.

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Disclaimer: Every possible effort has been made to keep the information in the rates tables as accurate as possible, however, neither the publishers of Mortgage Rates nor anyone engaged to compile these tables accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details directly with the provider concerned.

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