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Mortgages

Mortgage Rates Daily Commentary
Friday 1 November 2024  Add your comment
Rise in households struggling with mortgage repayments; RBNZ: house prices still near top of sustainable levels

Mortgage arrears continue to rise but are still low by historical levels. [READ ON]

The Reserve Bank says house prices remain near the top of its estimate of sustainable levels and remain “a stretch” for many would-be buyers. [See here]

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House prices ease

National median house prices eased last month, but sales are continuing to recover from their April lows.

Wednesday, July 19th 2000, 12:00AM

by Paul McBeth

House prices are continuing to ease in most regions, with the June national median down $2,000 from May to $170,000 and the Auckland median down from $237,750 to $236,500.

However, the Wellington region was one area to buck the trend, with median house prices lifting from $185,000 in May to $190,000.

Real Estate Institute figures showed that sales volume recovered slightly last month. The total value of sales also rose, from $1,076,664,716 to $1,128,032,426.

REINZ President Max Oliver said that, after a very promising first quarter, the low April sales were "a great disappointment to many".

"Both May and June have seen an improvement from that point and, should the recent stability in mortgage interest rates continue, we believe the upturn in sales should be ongoing."

Stability in interest rates? In fact, there are few lenders that haven’t trimmed their fixed rates in recent weeks. One-year rates are currently sitting around 8.15 to 8.50 per cent, while five-year rates are as low as 8.40 per cent after breaching the 9 per cent mark earlier this year (see our rates table for details).

Economists are still expecting more heat in the floating mortgage rates this year, thanks to likely increases in the Reserve Bank’s Official Cash Rate, but no imminent changes.

 

Total dwellings: median prices

Region

May 2000

June 2000

Northland

$135,000

$153,000

Auckland

$237,750

$236,500

Waikato/BOP/Gisborne

$157,000

$160,000

Hawkes Bay

$122,250

$115,000

Manawatu/Wanganui

$100,000

$103,000

Taranaki

$94,500

$118,000

Wellington

$185,000

$190,000

Nelson/Marlborough

$145,000

$140,000

Canterbury/Westland

$146,000

$145,000

Otago

$102,000

$95,000

Southland

$75,000

$68,500

New Zealand total

$172,000

$170,000

 

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 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 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 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
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 ▲8.15 ▲6.79 ▲6.45 ▲6.29
Co-operative Bank - Standard 7.65 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 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
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 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 6.39 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 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 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼8.10 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.24 6.09 5.69

Last updated: 1 November 2024 2:24pm

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