Interest rates: what the OCR move really means
The OCR went up last month, and floating rates followed straight away. Fixed rates stayed put, perhaps lulling people into a false sense of certainty, but they’re moving now, about three weeks later after the OCR change.
That’s worth remembering next time the OCR shifts: it tends to move the short end of the curve quickly but rarely ripples all the way through quickly. Good to know before you assume every rate on offer is about to shift.
First home buyers: the window is still open
Rates have crept up a touch, but nothing dramatic, and I don’t expect that to change much this year. Fuel prices have done some of the Reserve Bank’s work for it, keeping a lid on how far interest rates need to move to manage inflation. Put that together with softer buyer competition generally, and conditions for first home buyers remain good. It won’t stay this favourable forever, so if you’ve been waiting for the right moment, this is close to it. Just make sure your pre-approval is sorted before you start looking seriously.
A smoother way to apply for a mortgage
You might notice something different next time you apply for a mortgage with us. We’ve upgraded the technology behind our process, so instead of juggling several separate systems, forms, and emails to gather your information, most of that now sits in one place. It won’t remove every piece of paperwork, some of that is unavoidable, but it cuts the back and forth considerably. If it’s been a few years since your last mortgage application, expect it to feel noticeably less clunky than you remember. Small change on our end, meaningfully easier experience on yours.
Give me a call to chat things over – the conversation is the most important thing of all.