Mortgage interest rates go up again

[MotherBear]

Mortgage interest rates go up again
5:00AM Thursday February 28, 2008
By Adam Bennett

Global credit market turmoil is tightening the squeeze on New Zealand households, with the country's largest bank, ANZ National, raising key mortgage interest rates once again in response to "severe" market conditions.

Fixed mortgage rates for both of the bank's brands rose, with the most popular two-year rate up by 20 basis points to 9.7 per cent and the three-year rate up 25 basis points to 9.55.

History suggests the other major banks are likely to follow suit.

Floating mortgage rates have also been on the rise, with ASB Bank increasing its rate 20 basis points to 10.75 per cent.

Changes in world credit markets since the US "sub-prime" crisis last year have led to a sustained increase in the cost of the funding banks use to meet their lending requirements, ANZ National Bank said yesterday.

More here .

[Tribesman]

I feel sorry for the normal working class person who have to pay such a load of interest and properties been so costly. Its no wonder NZ people are going to Aus.
But it will probally bring down the cost of property for us migrants.

[MotherBear]

Originally Posted by Tribesman

Its no wonder NZ people are going to Aus.

Word has it that property prices in Australia have gone through the roof so they aren't having it all their own way.

[macfod]

So, higher house prices and interest rates coupled with strong currency is certainly not helping new migrants to NZ.
Such a tough decision in the first place and now rapid rises in food prices doesnt help anyone with families wanting to emigrate here.

I had my first relapse last week over a bottle of wine thinking...have I done the right thing...I suppose we all go through it.

I missed my little trips to Europe and pubs and decent curry!

I am working on a trip to a nice pacific island in May to help me recove from my negative Kiwi expereince...