REFIX

🏦 OCR Update Alert: 3.5% 📉 Interest rates are going down — time to review your mortgage! Let’s check if we can save you $$$ on your home loan. 📞 Bhavin Desai – Mortgage Adviser 📲 021 233 0244 📧 [email protected] 🌐 www.refix.co.nz

📢 Breaking News: The Reserve Bank Cuts OCR by 50 Basis Points! 📢 The Reserve Bank has officially cut the Official Cash Rate (OCR) from 4.25% to 3.75% in its February Monetary Policy Statement. This move is expected to encourage spending and boost employment growth in the second half of the year. However, global uncertainty and inflation concerns remain key factors in future rate decisions. 🏡 How does this affect you? 💰 Mortgage Rate Drops: ASB: Variable home loan rate down to 6.89% from Feb 28 for existing customers. Kiwibank: Variable home loan rate falls to 6.75% for new lending from Monday, and from March 10 for existing loans. ASB "Back My Build" Rate: Reduced to 4.44% for new builds and home & land packages. 💡 What’s Next? Economists predict further cuts in the coming months, with some suggesting the OCR could drop to 2.75%. This could mean lower mortgage rates but also potential impacts on savings rates. 🏠 Thinking about refinancing or purchasing a property? Now is a great time to explore your options! Contact us at REFIX to discuss how these changes can work for you. 📩 Message us or visit www.refix.co.nz for expert mortgage advice. #OCR #InterestRates #MortgageRates #ReserveBank #NZEconomy #Refix

The Reserve Bank has reduced the official cash rate by 25 basis points, bringing it down to 5.25%. This marks the first reduction since March 2020.

According to the Reserve Bank, New Zealand's annual consumer price inflation is gradually moving back within the Monetary Policy Committee’s target range of 1 to 3%.

The Reserve Bank's latest forecast indicates that the OCR is expected to decrease further, potentially reaching 5% by the end of the year and dropping to around 4.5% by June next year.

T & Cs apply, call me to find out more Bhavin Desai 0212330244

📊 Property Market Update: Investors on the Rise 📊

Investors are returning to the property market, while first home buyers are seeing a decline.

🔹 Investors:

Annual mortgage growth: +11.5%
June total: $1.047 billion
🔹 First Home Buyers:

Annual mortgage decline: -12.5%
June total: $1.212 billion
🔹 Movers:

Growth decline: -1.1%
June total: $3.252 billion
🔹 Overall Market:

Total new mortgages in June: $5.6 billion (down 18.7% from May)
Average new loan value: $384,990 (up 2.2% from May)
Key takeaway: The property market is shifting with investors taking a larger share. Stay tuned for more updates!



Source: Reserve Bank of New Zealand

Bhavin Desai
Mortgage Adviser
REFIX
📞 +64212330244
✉️ [email protected]
🌐 www.refix.co.nz

Disclaimer: The information provided in this program is of a general nature, and is not intended to be personalized financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.

📉 Inflation Drops, Paving the Way for Potential Interest Rate Decrease:

📊 Inflation Drops: Annual inflation rate falls to 3.3% in the June quarter as per StatsNZ
🛒 Food Prices Down: Relief for shoppers as food prices decline.
🏠 Housing Costs Rise:
💸 Rent: Up by 4.8%
🏗️ Construction: New house construction costs and council rates increase.
📈 Insurance Costs Surge: Up 14% over the past year.
🎉 Positive Signs:
🎮 Recreation and culture costs down.
🏨 Accommodation services prices decreased by 4.5%.
🔮 Economic Outlook: The Reserve Bank is optimistic about achieving 1-3% inflation by the end of the year, potentially leading to interest rate cuts.

Let's hope for continued progress! 🌟

Stay informed and plan ahead! 🏠📉



Follow us and contact me for any mortgage related assistance

Bhavin Desai
021 233 0244
[email protected]

📉 Positive Signs Ahead: Interest Rates Expected to Drop with New CPI Data This Week 📉

🏦 Optimism on RBNZ tone: There's a growing optimism about inflation control and the potential for interest rate cuts after the Reserve Bank's recent shift in tone

📊 Upcoming CPI data: We eagerly await the Consumer Price Index (CPI) data for the three months to June 30, which could bring more good news.

📉 Current inflation rate: The annual rate has improved significantly to 4% in the year to March 31, down from a peak of 7.3% in June 2022, showing progress towards the RBNZ's target range of 1-3%.

🔍 Economist forecasts: Positive predictions from ANZ and ASB suggest a 0.4% quarterly rise in CPI, bringing the annual figure to a manageable 3.3%-3.4%. Even the cautious Westpac forecasts a manageable 0.6% rise and 3.5% annually.

🗓️ ASB's outlook: ASB senior economist Mark Smith anticipates sub-3% inflation in the second half of 2024 and sees the potential for a 25-basis-point OCR cut in November.

🚫 Non-tradeable inflation progress: We're seeing progress in reducing sticky, non-tradeable inflation, which measures goods and services not facing foreign competition.

🌍 Tradeable vs. non-tradeable inflation: As per Stats NZ, Tradeable inflation has significantly decreased to 1.6% in the year to March 2024, while non-tradeable inflation is also trending positively at 5.8%.

📉 ANZ's expectation: A potential fall in non-tradeable inflation to 5.3% in Q2 would be a positive signal, potentially leading to earlier OCR cuts.

📈 Westpac's positive view: The strength in non-tradeable inflation in areas like insurance and utilities is being managed well, ensuring inflation expectations remain stable.

🎭 Positive impact on discretionary spending: Despite previous pressures, there are signs of stabilization in domestic services, highlighting effective management by the RBNZ.

📞 Contact me today for personalized mortgage advice!
Bhavin
Refix Mortgage Adviser
021 233 0244

Westpac New Zealand has dropped short-term home loan rates by 10-25 basis points (bps)! Check out the new rates:

🔹 One-year rate: Reduced by 25bps to 6.89% (special) and 7.49% (standard).
🔹 Six-month rate: Falls by 19bps to 7.05% (special) and 7.65% (standard).
🔹 18-month rate: Decreases by 10bps to 6.79% (special) and 7.39% (standard).

Meanwhile, the RBNZ holds the Official Cash Rate (OCR) at 5.5% for the eighth consecutive time. Markets are now anticipating earlier interest rate cuts due to RBNZ’s “dovish” tone, with economists predicting potential rate cuts as early as November.

Additionally, Westpac has reduced term deposit rates by 5-10 basis points for six- to 18-month terms.

Stay tuned for more updates! 🌟

Mortgage Rates & News Daily

Westpac has reduced three of its home loan terms by 10 to 25 basis points.

The most significant reduction is in its one-year rate, now at 6.89% for the Special rate and 7.49% for the Standard rate.

Contact us for more information !