How badly will cash rate rise hit mortgage costs?
How much more will homeowners have to pay on their mortgages now that the Reserve Bank has raised the official cash rate to one percent? And what about those who want to get on the property ladder? On top of that Westpac and the ANZ predict the rate to rise further this year and maybe go as high as three percent by 2023. Jarrod Kerr is the chief economist at Kiwibank and says many homeowners will feel the pinch.