PHOTO: The Reserve Bank of New Zealand are set to punish hard working kiwi mortgage holders to curb infaltion.
Pay more on your mortgage to help the nation New Zealand.
The squeeze on homeowners is set to continue today, with the Reserve Bank expected to hike the Official Cash Rate by the biggest margin ever.
Economists are predicting that the RBNZ will introduce a 75-basis point rise in the Official Cash Rate tomorrow to 4.25%.
This would be the single largest hike in the OCR’s 23-year history as a monetary policy tool.
This comes after five recent double-hikes in the ongoing battle against inflation.
If this happens, experts predict home interest rates, which have been around 6% recently, could rise to 7% or 8% next year.
As RBNZ’s meeting tomorrow will be it’s last until late February, it’s believed that it will bring down a strong hammer on inflation that will suffice for the next three months
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