PHOTO: 123RF Falling mortgage rates mean someone with a $500,000 mortgage can be $300 a week better off now than they were 10 years ago.
It’s a good time to be a home loan borrower.
Banks are now offering interest rates below 4 per cent out to terms as long as three years.
Economists say further cuts may be on the horizon. Westpac economists predict the Reserve Bank will cut the official cash rate to 1.5 per cent next month.
They said it could mean further cuts in fixed home loan rates. At the moment, Kiwibank, Westpac, SBS, TSB, BNZ and ASB are all offering 3.99 per cent fixed for two years.
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