Steve Jurkovich: Kiwibank chief executive says interest rates will bite in households
New Zealand mortgage holders are expected to feel the pinch, as interest rates rise.
Kiwibank's lifted its standard 5-year home loan rate to 6.79 percent, for those with less than 20 percent equity.
Chief executive, Steve Jurkovich, told Mike Hosking it's a long time since there's been a rate that high.
He says most people will have an under 80 percent Loan to Value Ratio, so will be paying 5.79 for five years.
“But the most popular rate, by quite a long way, is the one year fixed 3.99, but rising interest rates will bite in households.”
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