Finance and Mortgage Advisers Association of New Zealand managing director Peter White AM said: “Christmas has come early for New Zealand borrowers who can now head into the festive season with renewed confidence on the back of RBNZ’s interest rate decision.
“The decision provides welcome relief for borrowers, particularly new borrowers who can now get into the housing market with more attractive and affordable interest rates.
“Lower rates are also likely to have a stabilising effect on home prices, prompting renewed activity from investors.
“The decision is the shot in the arm the New Zealand economy needs and will help shore up consumer spending, which generally increases during the festive season.
“Falling interest rates bring the dream of home ownership within the reach of more borrowers, who should be preparing now to take advantage of more favourable market conditions.
“With this renewed hope, prospective borrowers should be asking a mortgage adviser to provide options to help them enter the property market.
“Mortgage advisers have access to non-bank lenders, and consider each borrower's unique situation, which they take into account to find borrowers the most suitable loan.”