The Reserve Bank of New Zealand (RBNZ) has announced that the Official Cash Rate (OCR) will remain at 3.25% - holding steady for now, despite earlier predictions of a potential cut.
For many homeowners, this raises an important question:
“Is my mortgage still working for me?”
Even if your current mortgage was set up to suit your financial situation at the time, things change, and so do lending conditions. With interest rates showing signs of future movement, now is a smart time to take stock.
Why you might want a mortgage review right now
A mortgage review isn’t just about chasing a lower rate (although that can help!). It’s about making sure your home loan is still aligned with your goals.
Here are some common reasons people are reviewing their mortgage right now:
- Could you be debt-free sooner?Small changes in structure can make a big difference over time.
- Could you access a better rate? Banks regularly update their offers, some even include cashback incentives.
- Could you free up extra cash? If your fixed rate is about to expire, a review could unlock options that work better for your budget.
- Are you making the most of current bank offers? Mortgage brokers have access to a wide range of deals across multiple lenders, including incentives not always advertised.
So, what does the OCR announcement really mean for you?
It signals that the RBNZ is still keeping a close eye on inflation and the economy and while rates may drop later this year, nothing is certain. That uncertainty makes it even more important to know where you stand now.
If you’ve been thinking about restructuring or refixing your loan, this is a great moment to get expert guidance.
Let’s review your mortgage at no cost to you
Whether your fixed rate is due to roll over, or you’re just wondering what your options are, our team of registered mortgage advisers are here to help.
