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Home / New Zealand

Interest rates safe as changes loom

Brian Fallow
By Brian Fallow
Columnist·NZ Herald·
16 Jul, 2013 05:30 PMQuick Read

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Prime Minister. Photo / Mark Mitchell
Prime Minister. Photo / Mark Mitchell

Prime Minister. Photo / Mark Mitchell

Another low inflation number yesterday has reinforced expectations that it will be early next year before the Reserve Bank starts raising interest rates and that it will turn first to restrictions on low-deposit lending to try to rein in Auckland's runaway housing market.

It is still finalising the policy and conferring with the Government, and has to give the banks at least two weeks' notice, which suggests it will be some weeks before the curb bites.

Labour and the Greens have joined Prime Minister John Key in calling for first-home buyers to be exempted from such restrictions, but everything the Reserve Bank has said so far indicates they will not be.

Instead it will limit the proportion of new mortgage lending a bank can do on deposits below some proportion, say 20 per cent, of the value of the property, and leave it to the banks to do the rationing.

Discover more

Opinion

Diana Clement: Bank failings show savers should look to diversify

12 Jul 05:30 PM
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Low inflation picked 4th quarter in a row

12 Jul 05:30 PM
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Digging in for hard times as boom busts

12 Jul 05:30 PM
Banking and finance

NZ dollar unchanged ahead of inflation figures

15 Jul 08:55 PM
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