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18 Jun 2025 15:05
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  •   Home > News > Business

    The Finance Minister is predicting the latest drop in the Official Cash Rate will bring quick relief for mortgage holders

    The Finance Minister is predicting the latest drop in the Official Cash Rate will bring quick relief for mortgage holders


    The Reserve Bank has lowered the OCR by 50-basis points -- down from 5.25 percent -- to 4.75 percent.

    It's the second time the mechanism for influencing interest rates has been cut this year, after being frozen since last May.

    Minister Nicola Willis says about half of mortgage borrowing is now fixed or floating for six months or less.

    She says a lot of people will soon have the chance to switch to a lower interest rate, freeing up cash which can flow into the tills of local business.

    © 2025 Newstalk ZB, NZCity

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     Today's News

    Entertainment:
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    Entertainment:
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    International:
    Vale concert pianist Alfred Brendel, who has died aged 94 14:17

    Rugby League:
    Queensland league coach Billy Slater has apologised for bringing the death of previous mentor Paul Green into a spat with former New South Wales prop Aaron Woods 14:07

    National:
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    Rugby League:
    The Florida Panthers are on the verge of lifting ice hockey's Stanley Cup for a second straight season 14:07

    Entertainment:
    Hailee Steinfeld carried a single crystal rose instead of a traditional wedding bouquet 13:59

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    Rugby League's Magic Round is a step closer to being replicated in New Zealand 13:47

    International:
    US bunker-buster bombs would be needed to take out Iranian nuclear site at Fordow 13:37


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