Homeowners can expect some relief - as the Reserve Bank cuts the OCR down in its final update of the year.

The central bank has slashed the rate 50 basis points today - to sit on 4.25 percent.

It's now forecasting 4.1 percent by March next year, 3.6 percent by the end of next year, with an endpoint of 3.1 percent by March 2027.

ZB political correspondent Barry Soper says Governor Adrian Orr has warned this will depend on how things track - as the economy is in for a slow recovery.

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