Business Editor at Large Liam Dann explains the Official Cash Rate, and how the Reserve Bank sets the OCR to influence the economy. Business Editor at Large Liam Dann explains the Official Cash Rate, and how the Reserve Bank sets the OCR to influence the economy. It's been seven years since New Zealand saw a cash rate rise and Kerr expected many first homebuyers to renegotiate their mortgage rates if interest rates do rise. "2014 was the last time we saw a rate rise so there are a lot of first home buyers out there who have never seen a rate rise." "Now that interest rates are rising they will most likely want to refix their rate for a longer term," Kerr said.

Source: New Zealand Herald July 15, 2021 05:15 UTC