There's no 'jingle mail' in New Zealand and our banks have no appetite to take possession of houses they have loaned money on, Reserve Bank Governor Adrian Orr said. "New Zealand does not have an economic history similar to say the US where they call it, what is it? “There will be a rollover period over the next year or so as people step up on to the higher rates as the mortgage rolls over. And monetary policy was part of that. That is the nature of the shocks that are leading to current high headline and CPI inflation in addition to some residual fiscal and monetary policy outcomes."

Source: Stuff November 03, 2022 02:50 UTC