BNZ’s borrowers weathering rate rises

Things are getting tougher, but it might just be manageable. (Image: BusinessDesk)

Fri, 05 May 2023

The Bank of New Zealand’s mortgage borrowers are weathering the revival of higher interest rates as the nation appears to be absorbing the sharper edges of the looming recession better than expected. Households have been coming under pressure as the Reserve Bank of NZ’s (RBNZ) hikes to the official cash rate (OCR) have fed through to higher mortgage rates, with the floating rate up to 7.92% at the end of March compared with 4.99% a year earlier. Commentators feared the rapid rise would catch out households when their recor...

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