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Rising interest rates bite: Bank won’t extend mortgage, distraught homeowner forced to sell

As home values ​​record their biggest drop in 14 years and real estate agents watch sales decline, experts explain how the power is shifting to buyers. Video / NZ Herald

A mortgage holder unable to bear rising interest rates pleaded with Kiwibank to extend its loan to 30 years so it could afford it, but the bank refused – so it is forced to sell.