Mortgages

Get ready for two more rises

Another two interest rate hikes before the end of the year are a strong possibility after the Reserve Bank's hawkish monetary policy statement yesterday.

Monday, September 13th 2004

Governor Alan Bollard raised the official cash rate from 6 per cent to 6.25 per cent - as expected - and warned that further tightening was likely.

"The words promise one more in October, but the numbers are projecting two more," said Westpac chief economist Brendan O'Donovan.

The Reserve Bank has raised its interest rate projections, and now has 90-day rates holding at around 6.75 per cent through next year and 2006.

It predicts the exchange rate will stay high for another six months or so before it declines, and its short-term growth expectations are higher than they were three months ago.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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