Warning for homeowners
Thursday 16 September 2004
Homeowners warned to expect home loan interest rates to rise to nine percent or more by the New Year
By The LandlordA warning and some advice for home owners who still owe the bank.
BNZ Chief economist Tony Alexander is picking two more Reserve Bank rate rises before Christmas, so the floating home load rate will be nudging nine percent.
He says it may even rise beyond that in the new year.
Mr Alexander says there is a way of avoiding much of the pain.
He says the best thing for homeowners to do is to get locked into a two or three year fixed rate mortgage at around 7.5 percent.
Read More - Opens in a new window
Commenting is closed
It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.