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Financial Advice for Normal People.
The official cash rate was cut to 3% today, the lowest in nearly three years. What might this mean for your mortgage and term deposit rates?
DISCLAIMER: you should seek personal financial advice before making any decisions about your lending or investments. Contact if you’d like to discuss.
Reserve Bank cuts OCR to 3.25%
Great news for mortgage holders! The RBNZ has delivered another 25 basis point cut today, bringing the Official Cash Rate down from 3.50% to 3.25%. This is the 6th consecutive cut since August last year.
What this means for YOU:
✅ Floating mortgage rates dropping immediately
✅ On a $500k mortgage, you're saving about $300/fortnight compared to the peak
✅ 1year fixed rates starting to reduce below 4.99%
✅ More cuts potentially coming - economists predict OCR could hit 2.50-2.75% by year-end
Acting Governor Christian Hawkesby says they're watching global uncertainty closely and have "scope to lower further as appropriate."
🏦 Major banks already responding - talk to us now if you want a comparison!
Remember: while great for borrowers, savers will see lower returns on deposits. Consider your options carefully.
What do you think - will rates go even lower? 🤔
https://www.multiplynz.com/post/reserve-bank-cuts-ocr-to-3.25-as-global-uncertaint
19/01/2024
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