Monthly Archives: October 2014
LVR policy worth 50 basis points of OCR rate tightening – Wheeler
The Reserve Bank’s introduction of limits to low-equity mortgage lending last year had a similar impact on inflation as raising the official cash rate by as much as 50 basis points, governor Graeme Wheeler told a global banking conference in Wellington.
The loan-to-value ratio policy had “a dampening” impact on house price inflation and credit, “and the diminished ‘wealth effects’ on spending associated with it have reduced consumer price inflation pressures by an amount similar to a 25-50 basis point increase in the OCR,” Wheeler told the Bank for International Settlements’ BIS Conference on Cross-border Financial Linkages.
Average Auckland rates rise revealed
The average rates increase for all Auckland properties is 29 per cent, it was revealed today.
Councillors are attending a finance committee this morning to discuss the impact on rates from the latest property valuations, following a confidential briefing on Monday.
Council valued Peter McKay said today the average increase for all properties was 29 per cent.
Two major banks come late to the mortgage rate reduction party but bring some of the lowest rates with them, boosted by falling swap rates
There are some big mortgage rate moves to report this morning.
Both ANZ and Westpac have announced separate market-leading home loan rates.
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