Thursday, March 20, 2008

More pain ahead for mortgage holders

Happy is he who can say, "I don't have a mortgage". As the global credit crisis deepens, homeowners in New Zealand who are customers of the big four Australian-owned banks - the BNZ, Westpac, ASB and ANZ National - could find themselves being hit by higher rates.

BNZ chief economist Tony Alexander said today that fixed two-year rates, which are now about 9.7 percent, could be pushed over 10 percent.

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