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Mortgages

Mortgage Rates Daily Commentary
Thursday 28 November 2024  Add your comment
Sizeable OCR cut expected in Feb; Banks rush to cut rates after RBNZ'S decision yesterday

Another 0.50% drop in the OCR is expected from the Reserve Bank in February. [READ ON]

The Reserve Bank has cut its official cash rate (OCR) to 4.25%, in line with most economists' expectations, and says it's likely to cut further next year. ASB Bank and Kiwibank immediately published cuts in their lending and deposit rates while Bank of New Zealand swiftly followed. [See here]

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Loyalty points for loans

GlobalPlus Home Loan comes with a built-in air points deal.

Sunday, February 20th 2000, 12:00AM

by Paul McBeth

They had AJ Hackett leaping off Auckland's Sky Tower to launch the GlobalPlus card....and now there's the GlobalPlus Home Loan.

While the razzmatazz is about to begin, the loan's been quietly available through BNZ branches for a few weeks. It gives GlobalPlus cardholders an extra 10,000 Air New Zealand air points as well as ongoing points calculated on their loan balance.

Mike Hartley of BNZ Cards Marketing told Good Returns that GlobalPlus Home Loan was essentially a regular BNZ home loan with loyalty points added on. It's available to new borrowers as well as existing customers who switch over their BNZ loans, although they will have to wait for any fixed term loans to mature.

Aside from the initial bonus, a floating rate loan will attract 200 air points for every $1,000 outstanding on the loan balance per annum and fixed rate loans 120 points per $1,000. BNZ says that customers can earn enough air points within the first year of taking out a $150,000 loan to fly to Fiji and back.

Across town, ANZ Mortgages Group is running a promotion in conjunction with the Qantas Telstra ANZ Visa (QTAV) card. For loans approved by the end of March, qualifying customers receive 10,000 reward points which the bank says is a third of the points needed for a return trip to Australia.

Applications must be for new lending of at least $100,000 and for an ANZ Home Loan, Residential Investment Loan, ANZ Flexiplus or Equity Loan for personal purposes.

 

Paul is a staff writer for Good Returns based in Wellington.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build ▼4.94 - - -
AIA - Go Home Loans ▼7.49 5.99 5.69 5.69
ANZ ▼7.39 ▼6.39 ▼6.19 ▼6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼5.79 ▼5.59 ▼5.59
ASB Bank ▼7.39 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.54 - - -
BNZ - Rapid Repay ▼7.54 - - -
BNZ - Std ▼7.44 5.99 5.69 5.69
BNZ - TotalMoney ▼7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼6.95 5.99 5.75 5.69
Co-operative Bank - Standard ▼6.95 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online ▼6.99 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 ▼6.65 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank ▼7.25 6.89 6.59 6.49
Kiwibank - Offset ▼7.25 - - -
Kiwibank Special ▼7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank ▼8.19 6.49 6.49 6.49
TSB Special ▼7.39 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac ▼7.39 ▼6.39 ▼6.09 ▼6.19
Westpac Choices Everyday ▼7.49 - - -
Westpac Offset ▼7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - ▼5.79 ▼5.49 ▼5.59
Median 7.49 5.99 5.79 5.69

Last updated: 29 November 2024 9:20am

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