With the Reserve Bank of New Zealand holding the Official Cash Rate (OCR) at 5.5 per cent in October 2023, borrowers are having to get used to higher interest rates and mortgage repayments, as a drop in interest rates this year seems unlikely. For those deciding whether to refix or refinance the mortgage, or for those grappling with a higher cost of living, here are 3 strategies to help reduce the impact of higher interest rates on mortgage repayments.
Topics: Interest Rates, Financial Advice, Financial Hardship
Economic stress has a major impact on New Zealand’s housing sector, as rising interest rates and higher mortgage repayments stretch already tight household budgets. With the latest inflation figures showing price rises are not easing, the Reserve Bank of New Zealand could lift the OCR again this year to further dampen inflation. So, what should you do if you’re experiencing mortgage stress or are unable to cope with higher mortgage repayments?
Topics: Financial Health, mortgage stress, Financial Hardship
Topics: refixing, Mortgage Advice, mortgage review, Refinance, Financial Hardship, COVID-19, Mortgage Holiday
In the current global situation, many people may be struggling to meet their financial obligations and experiencing financial hardship. Most New Zealand banks have a financial hardship policy available to assist customers who may be experiencing some form of financial hardship due to Covid-19.
Topics: refixing, Mortgage Advice, mortgage review, Refinance, Financial Hardship, COVID-19, Mortgage Holiday
In partnership with participating approved banks, Government has launched the Business Finance Guarantee Scheme which will support targeted new loans to eligible businesses. Small and medium-sized businesses affected by the economic impacts of Covid-19 may be able to access a financial support package launched to protect jobs and support the economy.
Topics: Business Finance, Small Business Finance, Mortgage Advice, Financial Hardship, COVID-19
Mortgage Express will continue to serve our customers during this difficult period. With 50 mortgage and insurance advisers located throughout New Zealand, we are committed to helping you manage your finances in these unprecedented times. We can meet you online and talk through your financial options so that you have a clear path ahead for the uncertain future. If you have any questions or concerns, get in touch with our team today.
Topics: Credit Card Debt, Debt Consolidation, Household Debt, Mortgage Advice, Financial Hardship
Financial hardship can happen to anybody, at any time and has many causes. As the evolving challenges and restrictions related to the COVID-19 virus are ever changing, it would be fair to say that life can be unpredictable and situations are sometimes outside of your control.
Topics: Credit Card Debt, Debt Consolidation, Household Debt, Mortgage Advice, Financial Hardship
