In New Zealand, the macroeconomic backdrop is doing more of the heavy lifting than many Kiwis realise.
The Official Cash Rate (OCR) remains on hold at 2.25 per cent, with the Reserve Bank of New Zealand (RBNZ) signalling that inflation is expected to fall back toward the midpoint of its target band over the coming year, supported by spare capacity in the economy and modest wage growth.
In practical terms, that has helped restore a level of predictability to borrowing conditions. It has also allowed more households to revisit plans that were put on hold when rates were higher, servicing buffers were tighter, and economic confidence was weaker.