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Speaker 1: It is five twenty one. So Kiy's is still waiting

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Speaker 1: to see a shift in the economy. We know that,

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Speaker 1: we feel it, and now we've got facts. New Centric

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Speaker 1: data out this morning shows reported financial hardship increased nineteen

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Speaker 1: percent in the past year, and most of those cases

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Speaker 1: were down to mortgage repayment issues. The mortgage is killing us.

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Speaker 1: So I've got a mortgage broker on the line right now.

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Speaker 1: He's from Key Mortgages. It's Jeremy Andrews.

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Speaker 2: Hello, Jeremy, Good morning, Andrews.

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Speaker 1: Are you surprised by the nineteen percent figure.

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Speaker 2: It's not too surprising, could have been higher. I yess,

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Speaker 2: A lot of I guess a lot of that's yeah,

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Speaker 2: A lot of that is from mortgages, people going through

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Speaker 2: kind of hardship.

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Speaker 1: So, in other words, you know that the economy is

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Speaker 1: a bit tanky at the moment, and so you were

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Speaker 1: expecting a nineteen percent. It's still not a good number, though,

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Speaker 1: A it's not.

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Speaker 2: It's been pretty hard out there, especially businesses. Last five

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Speaker 2: years or so, it's been a pretty hard run. It's

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Speaker 2: been COVID supply chain issues, is lockdowns rates after that,

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Speaker 2: rates have gone from kind of record loads to the

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Speaker 2: highest a lot of those new businesses would have seen.

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Speaker 1: And all those people are wanting it to improve soon.

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Speaker 1: And can you see improvement in the next coming months

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Speaker 1: or is this going to be a medium term thing?

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Speaker 2: So from the interest rate perspective, yeah, that's that is

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Speaker 2: slowly getting better, but it's not It's not going to

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Speaker 2: be a magic turnaround. I think that the hardship levels

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Speaker 2: there is still going to continue on for But there's

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Speaker 2: a lot of hits out there still just rates really high.

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Speaker 2: It was still still reduced, I guess as people buyers

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Speaker 2: and consumers are still struggling to afford things and spend

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Speaker 2: as much as they used to do.

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Speaker 1: Well, here's the thing though, here's the thing though. The

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Speaker 1: OCN is coming up, and yesterday all the news was

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Speaker 1: about Trump's tariffs and suggesting that maybe too dramatic drop

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Speaker 1: in the in the interest rate might not be in

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Speaker 1: our in our favor, and therefore the interest rates could

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Speaker 1: stay high for a while. So there are a lot

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Speaker 1: of people out there right now with mortgages thinking to themselves,

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Speaker 1: what on earth do I do? What would you what

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Speaker 1: would you suggest?

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Speaker 2: Uh? Yes, So we've seen quite a bit of changes

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Speaker 2: in the last six months the osier's gone. It's gone

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Speaker 2: from kind of not planned to reduce them to quite

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Speaker 2: quickly reducing. But the fixed rates maybe haven't come down

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Speaker 2: quite as much as people were hoping or as quickly.

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Speaker 2: It's just in the last week there's been quite a

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Speaker 2: bit more dramatic shifts. So we're now getting interest rates

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Speaker 2: kind of down around the kind of early to mid

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Speaker 2: fives or that kind of short, short term. I'll probably

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Speaker 2: suggest that most people, yeah, heedge your bets, don't necessarily

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Speaker 2: just hope that rates just can continue to free fall

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Speaker 2: and keep dropping, maybe fixing some of your loans or midterm.

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Speaker 2: A lot of people, a lot of people were actually

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Speaker 2: holding off and floating over the last six months. I

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Speaker 2: don't think I've ever seen so many people on floating

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Speaker 2: just hoping for rates to really drop.

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Speaker 1: Well, I'll take that. I'll take that as a vote

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Speaker 1: of confidence by the New Zealand people to go into

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Speaker 1: floating because they believe that things are going to get better,

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Speaker 1: because just a month or so ago, the one year

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Speaker 1: fixed rate was the go for everybody. Now, thank you

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Speaker 1: so much. Jeremy Andrews. Jeremy is a mortgage broker from

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Speaker 1: Key Mortgages.

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