Steve Jurkovich: Kiwibank chief executive says interest rates will bite in households

New Zealand mortgage holders are expected to feel the pinch, as interest rates rise.Kiwibank's lifted its standard 5-year home loan rate to 6.79 percent, for those with less than 20 percent equity.Chief executive, Steve Jurkovich, told Mike Hosking it's a long time since there's been a rate that high.He says most people will have an under 80 percent Loan to Value Ratio, so will be paying 5.79 for five years.“But the most popular rate, by quite a long way, is the one year fixed 3.99, but rising interest rates will bite in households.”LISTEN ABOVESee omnystudio.com/listener for privacy information.