RBNZ's new scheme more fuel for house prices

Tue, 29 Sep 2020

The latest Reserve Bank stimulant puts a new flame under the already-hot housing market but lenders don't expect it to reverse the credit contraction in the business community.The funding-for-lending programme, announced last week and expected in November, is designed to lower banks’ funding costs by having the central bank provide them with money at or near the official cash rate, rather than at term deposit or wholesale interest rates.Banks would then pass the savings down to retail interest rates, theoretically driving demand for m...

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