or

Welcome news for borrowers

The Reserve Bank has decided to keep rates on hold at 4.75 per cent. Those who can afford to do so though, should always pay more off their mortgage, as it provides a buffer against further rate rises, and can help to free households of mortgage debt sooner. The official interest rate is now 4.75 per cent. Mortgage holders on variable interest rates are being charged a standard variable rate of about 7.83 per cent by their lenders.