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Economist: Pay rises won't be enough to cover interest rate rise

Most of the major banks have been increasing their fixed term rates, blaming rising funding costs from borrowing money in the offshore market for the rate rises. Kiwibank has increased some of its fixed-term mortgages rates twice already this year and ASB also announced plans to increase its rates last week. While smaller banks SBS bank and the Co-operative Bank have also raised rates.

Most economist predict that the OCR will only move up this year, with the banks following suit.

Would you be able to cope with a higher interest rate? There are options for you to better manage your mortgage. If you are not an Apex mortgage client already, check out this free service, our Mortgage Monitoring Service.

The NZ Herald published today Economist: Pay rises won't be enough to cover interest rate rise. Click here to go through to their website.