Auckland House Buyers look into the significant drop overnight of the OCR

The OCR has dropped significantly overnight to 2.5%. Economists predicted this was going to happen and the Reserve bank has said that this would be it. Some believe that it was due to the inflated housing market, overseas oil prices and the strong position of the NZ Dollar in overseas markets. For those on a Floating Rate; ANZ has just dropped theirs to 5.74% in response to the OCR drop. Could this be the time for re-structuring or possibly applying for your first home mortgage?

New Zealand’s Official Cash Rate – 1999 – 2015 (image courtesy of NZ Herald):