ANZ has revealed it's New Zealand customers owe almost two-billion dollars in overdue mortgage repayments

However, the bank says people are faring better than expected with higher interest rates, a message being echoed by Westpac New Zealand.

Meanwhile, there is some good news this morning, with ASB dropping its fixed home lending rates for the seventh time this year.

The Reserve Bank will review the OCR again in two weeks, but most economists now expect it to remain unchanged at 5.5 percent until next year.

Australia's central banks last night opted to keep its rate unchanged, warning inflation is proving hard to curb.