Malcolm Knight: Mortgage Advisor and Director of Advice Knight on the OCR announcement and the financial hardship Kiwis are experiencing

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The Reserve Bank had a few surprises in its monetary policy update yesterday.

While the OCR remaining at 5.5% was expected, Governer Adrian Orr’s signal that the cash rate may remain “restrictive” for longer, was not.

Domestic inflation is proving more stubborn than expected, and the Bank is also considering hiking rates if it must.

Malcolm Knight, Director of Advice Knight, told Mike Hosking that it’s not just increasing interest rates that are hurting Kiwis, but also rent costs, and the timing of loan repricings.

He said that there's very clear signs of financial hardship as people are withdrawing their Kiwisavers to get by and going through matrimonial splits.

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