Expect 150bps 'average' rate rise next year, says Westpac

Expect 150bps 'average' rate rise next year, says Westpac
New Zealanders now saving close to 1% of their disposable incomes, half that of a year ago. (Image: Depositphotos)
Staff reporters
Westpac says the true impact of interest rate hikes is still to be felt, with the average New Zealand household having absorbed an average rise of 120 basis points to date, compared to the 525bps rise to the official cash rate (OCR) since late 2021.That's because about 90% of NZ mortgages are fixed for a period, making the pass-through rate of rate hikes gradual. But in its economic bulletin on Monday, the Australian-owned bank says that with about half of all mortgages due to come up for repricing over the coming year, the average rat...

More Finance

IRD issues warning to crypto holders ahead of audits
Finance

IRD issues warning to crypto holders ahead of audits

The IRD has identified 227,000 crypto-asset users in NZ and contacted those at risk.

Staff reporters 04 Jul 2024
$1.65b project to simplify switching banks a 'flop'
Finance

$1.65b project to simplify switching banks a 'flop'

Open banking has hindered competition rather than helping it, says lobby.

AAP 04 Jul 2024
MTF to investigate bullying claims
Finance Exclusive

MTF to investigate bullying claims

Chief executive Chris Lamers said he takes the claims 'very seriously'.

Murray Jones 04 Jul 2024
Payments NZ could play key role in open banking standards
Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 01 Jul 2024