- Banks need consistent competition to provide better outcomes for consumers.
The country’s first competition study into personal banking services reveals a two-tier personal banking sector in New Zealand with limited competition and a lack of disruptive forces driving change. Read the key takeaways from the report.
- Many households have yet to pay peak mortgage rates.
Recently, the Reserve Bank published the latest figures on the breakdown of the existing stock of mortgages. CoreLogic chief economist Kelvin Davidson “This showed that 59% of existing loans (by value) are due to reprice within the next year – and typically that change could be another hike of perhaps of 1% or so. The key point is that the process of repricing our mortgage stock onto current interest rates isn’t finished – so there’s still a lingering risk of homeowners struggling to make repayments.”
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