The Reserve Bank held the official cash rate (OCR) at a record low 2.5% yesterday, for the eighth consecutive time. It also indicated a rate hike is now in sight in the next couple of months if the economy's recovery stays on track. The way Bollard has worded his speech appears to have given him some wiggle room for his first rate hike.
In mortgage rate news, TSB Bank has slashed 21 basis points from its one-year fixed home loan rate to 5.99%, which is well below all major banks one-year rates.
Mortgage brokers (and other financial advisers) have been given more time to get ready for impending regulation - however this story comes with a warning.
One of the big news stories of the week has been around the idea of banning commissions.
Good Returns reports on what the Minister of Commerce, Simon Power, thinks of this idea, and there is comment and discussion on the idea here.
