Stuart Mitchell

Now I feel there's definitely a big swing.

And the next part of that will be the 5 million plus, obviously, as well.

Yeah, yeah, it's a bit of a curveball, really, the last probably bit of flip-flop going on.

We go back three weeks, we're talking to my clients, and probably 40% of what I do is new builds.

So with ASB and ANZ, you're getting a 1.25% floating rate for two years, so they're on 4.44 floating.

So three weeks ago, we're saying, look, stay on floating, let's wait to...

The rhetoric is there's another drop coming.

We're expecting that.

There could be another one early next year.

So let's hold off.

So the Reserve Bank made their announcement, but they do it in a tone that we think the wrong tone.

Essentially, we think we've hit the bottom.

The markets reacted.

The cost to lend, even though the OCR dropped 0.25, the cost to lend increased over the next week by 0.4%.

So all of a sudden, now the banks have put up the three to five-year rates, and one of the banks went from 4.75 for three years to 5.09.

Bang, just like that.

So all of a sudden now, you're panicking.

You're not panicking, but you're reaching out to your clients again and saying, look,

We might need to revisit that information we've given you.

Here's the latest.