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BNZ Weekly Overview – Tony Alexander

By: lifenloans on Oct 30, 2014
Weekly Overview October 30 2014
Welcome to the October 30 2014 BNZ Weekly Overview, attached.

The Reserve Bank this morning removed any reference to additional monetary policy tightening in their six weekly review of the official cash rate. Taking into account the effects of the LVR rules, 1% cash rate rise so far, worsening world growth outlook, lack of wages pressure and falling petrol prices they have said they will now undertake a period of assessment before deciding what to do next. While we still think further rate rises may at a pinch be needed they won’t come before December next year, might not come until 2016, and might not come at all. This is good news for borrowers and exporters to some degree as there may be no additional interest rate support for the NZD this cycle. My how things have changed in such a short period of time! Were I borrowing at the moment I wouldn’t have much of my mortgage floating as I can get a rate almost 1% lower by fixing at our three year special of 5.85%. Pressure for fixed rates is generally downward currently so as noted some weeks back I would take my time and see what good discount I might be able to get once this special runs out.

 

WO October 30 2014

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