RBNZ keeps rates steady for now, but Westpac survey shows clients preparing for OCR increases in 2026
Mortgage Advisers Anticipate No Change from RBNZ
New Zealand mortgage advisers are not expecting any major surprises from the Reserve Bank’s upcoming decision. Insights from Westpac’s February Client Pulse survey, which gathered responses from 145 clients both in New Zealand and overseas, reveal a strong consensus that the official cash rate (OCR) will remain unchanged. The survey found that 92% of participants believe the RBNZ will keep the OCR steady during this week’s policy announcement. The remaining 8% were split equally between those predicting a rate increase and those expecting a decrease—opinions that Westpac’s chief economist Kelly Eckhold considers to be on the fringe. These expectations are consistent among both local and international clients.
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