Cash Rate Held

The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent as was widely expected.  The Governor noted inflation remained modest @ 1 percent in the year to September and noted that a period of assessment remained appropriate before considering further OCR adjustment. Floating interest rates could therefore be on hold for some time.

In other news ASB has introduced the acceptance of Desktop Valuations. Costing less than a full Registered Valuation and expected to be delivered in 1-2 days it has the potential to speed up the purchasing and financing process.