Mortgage broker Mike Pero is warning of a wave of home sales after the third interest rate hike this year.
Mr Pero, the founder of a mortgage broker franchise network, says New Zealand is poised to become a nation of renters after the official cash rate, on which mortgages are based, rose yesterday to 8 per cent.
“Kiwis are finding it hard enough to get a foot on the property ladder, and these continued hikes are possibly going to leave some homeowners with no choice but to sell if they can’t service the new mortgage rates.
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