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First home buyers to feel the most rate rise pain

Andy Fyers
Thu, 02 Jun 2022

First home buyers to feel the most rate rise pain
The average home buyer who bought a year ago may soon have to find $250 a week to service their mortgage. (Image: Deposit Photos)
Andy Fyers
Thu, 02 Jun 2022
The average first home buyer who bought a year ago could be paying $250 a week more in interest costs if mortgage rates hit 6% next year, as forecast by the Reserve Bank of New Zealand.That's according to a BusinessDesk analysis of mortgage lending data, which compares weekly repayments for recent first home buyers, with repayments at a rate of 6%.About 62,000 first home buyers dived into the market between May 2020 and April this year, driven by a fear of missing out and enabled by looser lending restrictions, as well as attractive record-...

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