The goodies under the Christmas tree are a mixed bag as we come to the end of the year.
Perhaps the nicest, recent present was news that it looks as though the prospect of debt-to-income ratios are pushed back a little further.
However, we have had a change of Prime Minister and Minister of Finance. There has been much speculation around their approach to NZ Superannuation and little media comment on DTIs.
We will watch with interest to see if the English/Joyce combo takes a different approach to the use of macro-prudential tools.
The other present delivered this week (you always get some things you don’t want) is a decision by the US Federal Reserve to increase its cash rate.
Right now it seems inevitable that interest rates have started the upward leg of their journey. How long and steep this trip will be is unknown.
One thing that caught my eye this week is that The Co-operative Bank increased some rates. Traditionally it has some of the sharpest home loan rates on offer. No one has followed it and now it is sitting at the top of the table - not its normal perch.
My guess is many mortgage advisers are heading off for their well-earned holidays, or just winding down now.
If that’s you then we would like to wish you a Merry Christmas and a Happy New Year.