RBNZ kicks off hiking cycle with first increase in 7 years

Economists widely expect more hikes to come.

Wed, 06 Oct 2021

Times just got tougher for mortgage holders as banks swiftly moved to lift their home loan rates in the wake of the Reserve Bank of New Zealand’s (RBNZ) first rate increase in seven years.The RBNZ lifted the official cash rate (OCR) by 25 basis points to 0.5% and said “it is appropriate to continue reducing the level of monetary stimulus so as to maintain low inflation and support maximum sustainable employment”.The move was widely expected, and banks reacted swiftly.Kiwibank said its variable lending rates would lift 25 basis...

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