Respite for builders as cash rate drops

Warkworth Construction owner Kyle Brown hopes the OCR and interest rates continue to drop. Many Warkworth builders would have breathed a sigh of relief when the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by another 50 basis points to 4.25 per cent on November 27.In response the major banks, including ASB, BNZ, ANZ and Kiwibank, once again dropped their interest rates making it a little easier for people to borrow money – good news for the building industry, which has been in a slump for more than 18 months. The seasonally adjusted volume of building work in New Zealand...