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What could Brexit mean for your mortgage?

July 08, 2016 at 4:42 PM

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Interest rates are expected to stay lower for longer as the global economy and financial markets absorb the impact of the Brexit shock.

Mark Lister, of Craigs Investment Partners, said the Reserve Bank could cut the official cash rate below 2 per cent from 2.25 per cent.

"There's a good chance that they cut now in August and cut more aggressively," Lister said. 

Lower rates could pour fire on an already heated property market, an outcome the Reserve Bank will be keen to avoid as it juggles conflicting economic pressures - namely rising house prices, stubbornly low inflation and a strong kiwi dollar.

However, Lister said heightened volatility in financial markets may increase banks' funding costs. That could mean mortgage rates don't go lower even if the OCR is cut, he said.

Property-wise has been buying property in Auckland for more than a decade. 

We are currently short on stock and ready to move immediately on properties with added value opportunities.

If you have a property that may fit our criteria and is priced by negotiation or has an asking price please contact our buying consultant Peter Lee on 021 134 5878 or email peter@property-wise.co.nz




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