By Susan Edmunds ofPhoto: RNZHome loan interest rates have picked up again in recent weeks, since the Reserve Bank lifted the official cash rate by a record 75 basis points. Banks tend to pass most of the official cash rate increases through to floating rates as they happen. Fixed termsTennent-Brown said he expected one- to five-year fixed rates to peak in the high 6 percent to mid-7 percent range. In broad terms, every percentage point increase in interest rates adds $1000 per year per $100,000 borrowed. "Savers suffered during the pandemic as interest rates were slashed.

Source: Stuff December 07, 2022 03:11 UTC