Tough times ahead for mortgage holders as interest rates rise.The central bank hiked the official cash rate by half a percent to 2 percent yesterday, the highest since 2016.
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The Reserve Bank wants to tackle inflation, which is at a 30 year high, driven by higher costs for food, housing and fuel. The bank's also signalled the rate will need to climb to about 3.4% by the end of this year, peaking at 3.9% from June next year.
So with the soaring cost of living, higher interest repayments, and falling house values, what sort of economic ride are we in for?
Kathryn Ryan discusses with Head of Research for the BNZ, Stephen Toplis.
