News - 15 May 2006

Problem Profile

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Food for Thought

Change is inevitable, except from a vending machine!

Interest Rate and Currency Comments

Interest rate rises have continued over the past fortnight, with most published rates back close to 8%. However, there remains fierce competition amongst lenders, so negotiation is the name of the game. By the end of the year, look for floating rates to come down, but longer rates (4 and 5 years) to continue to climb

The kiwi has continued to fluctuate wildly against the US dollar, mostly due to swings in the US dollar, not the kiwi! The downward trend against other currencies has continued as their interest rates climb and ours fall.

(See below for latest interest and exchange rates).

The Finance Markets

As of 8am on Monday 15 May 2006 the following Interest Rates applied:
Official cash rate 7.25% (stable)
90 day bill rate 7.50% (down slightly)
5 year bond rate 5.95% (up slightly)
NZ/US Dollar 0.6300 (down from 0.6338)

Current Range of Interest Rates for home and investment mortgages as at 15 May 2006.

Floating:
8.60 to 9.95% (stable)

Fixed For:
1 Year - 7.85% to 8.85% (up slightly)
2 Year - 7.70% to 8.95% (up)
3 Year - 7.50% to 8.85% (up)
4 Year - 7.60% to 8.09% (up slightly)
5 Year - 7.55% to 8.30% (up slightly)

For a complete table of interest and exchange rates, click here.

The information stated herein was correct at the time of release, but is subject to changes without notice.