New Zealand Herald Business Editor, Liam Dann, reveals what the latest decision around the OCR means for New ZealandersPublic Interest Journalism funded through NZ On AirA South Auckland couple working four jobs between them to pay their mortgage say they are contemplating moving to Australia after the latest Official Cash Rate (OCR) rise. Economists and mortgage brokers were taken aback by the forecasts, given prior expectations were for a peak OCR of 6 per cent, with lower-than-expected forecast rates signalling a potential reprieve for homeowners. Sunny Saharan and his wife Pooja are juggling their mortgage payments with holding down multiple jobs and raising 1-year-old Summer. And though there was light at the end of the tunnel, mortgage rates weren’t expected to decrease in a hurry. “It does not make any sense to me that we have to pay 33 per cent tax on the second income,” Sunny said.

Source: New Zealand Herald May 25, 2023 00:30 UTC