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MNI BRIEF: Some Homebuyers "Challenged," Says RBNZ's Orr

MNI (Sydney)
SYDNEY (MNI)

Recent house buyers at elevated levels face higher mortgages costs as rates rise.

New Zealand’s banks have improved their capital positions over the last two years but some home buyers who purchased during the recent “buying frenzy” will be challenged by higher interest rates, according to Reserve Bank of New Zealand Governor Adrian Orr on Wednesday.

Responding to questions after releasing the central bank’s latest Financial Stability Report, Orr said that the despite “no shortage of warnings” from the RBNZ, many people had taken out large mortgages at elevated house price levels and would now be faced with the prospect of “belt tightening,” See: MNI INTERVIEW: NZ Risks Hard Landing, Ex-RBNZ Official.

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New Zealand’s banks have improved their capital positions over the last two years but some home buyers who purchased during the recent “buying frenzy” will be challenged by higher interest rates, according to Reserve Bank of New Zealand Governor Adrian Orr on Wednesday.

Responding to questions after releasing the central bank’s latest Financial Stability Report, Orr said that the despite “no shortage of warnings” from the RBNZ, many people had taken out large mortgages at elevated house price levels and would now be faced with the prospect of “belt tightening,” See: MNI INTERVIEW: NZ Risks Hard Landing, Ex-RBNZ Official.

Keep reading...Show less