In the wake of the Reserve Bank cutting the Official Cash Rate last week to 4.25 percent, one Waiheke mortgage advisor says the island’s property market is the best buyer’s market they’ve seen on Waiheke in a long time.
Retail banks, including ANZ, ASB and Westpac, have already dropped their fixed interest rates in response to the Reserve Bank changes and Waiheke mortgage advisor Ben Hickey, of Vega Mortgages and Bayleys Real Estate, says mortgage interest rates and the OCR generally head in the same direction. However OCR changes don’t have a one-for-one relationship with interest rates as there are a number of other influences on both them and the wider economy.
• Paul Mitchell
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