Things are getting weird in the world of interest rates.

Don't panic – your bank isn't about to start charging you interest to hold your money.

Things aren't that weird yet.

And it's definitely not planning to pay you to take out a mortgage.

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While negative interest rates (or the possibility of them) are pushing down the cost of borrowing, the action so far is mostly at the wholesale and institutional level.

Yes, there's that one bank in Denmark offering homebuyers mortgages at negative 0.5 per cent, but that's not likely to be replicated in New Zealand.

The Danish retail

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