The Big Mortgage News in April 2022
Channel: The Mortgage Lab
Date: 2022-05-02

Mortgage Lab CEO Rupert Gough shares what's been happening in mortgages throughout April 2022, giving you everything you need to know about the mortgage market.

The big news this month was, of course, the OCR announcement when Reserve Bank Governor Adrian Orr announced a 0.5% or 50 basis point increase to the official cash rate. This was the biggest OCR increase in 22 years on the back of massive inflation of 6.9% well above their target inflation rate of 2%. 

Not since 17th May 2000 has the Reserve Bank increased the Official Cash Rate by 50 basis points when the then Reserve Bank Governor and future leader of the National Party Don Brash  raised NZ’s OCR to 6.5% because of an inflation rate of 5.8%. That’s right, it’s been so long since we had a 50 basis point jump on the OCR that, at the time, you would have heard about it on your monochrome screen Nokia 3210...

If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

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Our Video Chapters
0:00 - The Big Mortgage News in April 2022
0:20 - How much has the OCR changed?
2:30 - What is the 1 year fixed rate at now?
3:05 - Discussing interest rate spread
4:35 - Results are in from a recent OneRoof survey
5:10 - What do hopeful buyers need to ask the banks?