News

ANZ slashed it’s mortgage rates after a move by Kiwibank and now Westpac could join the mortgage-rate battle.

This is good news for borrowers and rates may go lower according to a banking expert.

A capital gains tax on residential property sold within two years of buying it is being seen as a step in the right direction, but not far enough, with few expecting the new tax to have a big effect on Auckland property prices.

Prime Minister John Key announced the plan this morning as part of the Budget package.

Auckland property investors will have to come up with at least a 30 percent deposit under new proposed lending limits set to be introduced in October.

An official cash rate of 3.5 per cent, which would have been base camp in previous cycles, is now being seen as the highest it will climb this time. ANZ, Westpac and the ASB are all predicting that the next move in the official cash rate will be lower.