Ray White Now 2022 - May New Zealand - Page 22

INTEREST RATE HIKE MAY MEAN IT ’ S TIME TO REVIEW YOUR MORTGAGE

The Reserve Bank of New Zealand ( RBNZ ) has introduced its fourth consecutive interest rate rise in a dramatic attempt to rein in rapidly rising inflation .
The 0.5 per cent increase is designed to try to stop inflation breaking the 7 per cent barrier and potentially stalling the economy . It was the biggest increase in 22 years , taking the Official Cash Rate ( OCR ) to 1.5 per cent , the highest since June 2019 .
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