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More experts back Sept rate rise

Friday, February 4th 2011, 11:06AM

BNZ has now joined Westpac and ASB in predicting a September official cash rate (OCR) increase because of easing demand and rising slack in the economy - comments from other lenders suggest they may soon jump on this bandwagon too.

We also look at why bank economists do not believe the next move in the OCR will be downwards.

Kiwibank ended its "extremely successful" three week special where its one-year rate was dropped to meet the floating rate at 6.15% and in this graph we look at the increasing number of borrowers choosing to put their home loan on the floating rate.

There have also been some people movements with Andrew L'Almont resigning after more than 12 years as Mortgage Express chief executive and with TNP appointing a regional development manager to focus on growing the membership of TNP Home Loans. The New Zealand Mortgage Brokers Association (NZMBA) also discusses its plans for the year.

 

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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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