Home loan market changes
A raft of changes in home loan rates in the past fortnight have changed the shape of the competitive market and the yield curve.
Saturday, May 24th 2008, 5:14PM
The three groups we have are:
- Big banks: ANZ, ASB, BNZ, National and Westpac
- Second tier banks: Kiwibank, Bank Direct, Kiwbank and HSBC
- Non-bank lenders: Cairns Lockie, Sovereign, Pioneer, Wizard and PSIS.
Recent economic news and competitive activity have "bent" the yield curve and put one and two year rates below longer term rates. Also it shows that the big banks have become very competitive in this space having the lowest median one year rates, while it sits between the other two groups for all the other fixed rate terms.
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