RBNZ Official Cash Rate Covid Response RBNZ OCR COVID RESPONSE- OFFICIAL CASH RATE (OCR) on hold at 0.25%
The Monetary Policy Committee agreed to retain the current stimulatory level of monetary settings, keeping the Official Cash Rate (OCR) at 0.25 per cent for now. Wednesday 18th August’s decision was made in the context of the Government’s imposition of Level 4 COVID restrictions on activity across New Zealand.
The Committee are confident of meeting their inflation and employment remit with less need for the existing level of monetary stimulus. However, the Committee remains alert to the supply disruptions that COVID-19 can create, and the dampening effect this can have on confidence. House prices are also above their sustainable level, heightening the risk of a price correction as supply increases.
Current processing timeframes from main banks as at 19th August 2021
With the uncertainty surrounding COVID-19 Delta Variant, your financial well being remains our priority at Biz.
We encourage you to contact us if you’re experiencing any financial pressure from the lockdowns i.e. needing mortgage deferrals or interest only extensions etc. You can find the Biz Mortgages team contact details here
Sandy Singh, our resident Senior loan writer and advisor is happy to assist with any mortgage question. She can be contacted on 027 249 8880 or sandy@bizmortgages.co.nz
Alternatively, if you would prefer to contact your bank directly then please see contact details below for your respective bank:
Covid 19 Financial Hardship Helpline with Main Banks
ANZ 0800 240 438 - Financial Hardship. 0800 269 296- Covid Assistance with Home loans for Personal and Business Customers.
BNZ 0800 269 763- Business 0800 275 269- Personal
Westpac
ASB |