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Mortgage Rates Daily Commentary
Thursday 28 November 2024
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]
March housing consents hit a 26-year high
The number of housing consents rebounded sharply in March, resulting in the highest number in the month of March since 1977.
Monday, May 5th 2003, 2:14PM
by Jenny Ruth
Again, consents for apartments were the culprit. Apartment consents have accounted for most of the volatility in recent months and they surged again in March, according to Statistics New Zealand.
There were 2,537 consents for new dwellings worth $435.7 million approved in March, 21.7% more than in February when 1,797 worth $330.4 million were approved.
The government statistician says most regions recorded higher consent numbers compared with March last year.
Apartment consents jumped to 476 in March from just 54 in March. Excluding apartments, consents in March were unchanged from February but were 17% higher than a year ago.
In the year ended March, there were 28,320 consents worth $4.54 billion issued, 33.2% more than the 21,262 consents worth $3.35 billion issued the previous year.
Despite today’s figures, Darren Gibbs, senior economist at Deutsche Bank, says they are consistent with his view that the market peaked back in November "and that a gently slowdown is now underway."
"It’s certainly peaked in terms of growth rates," Gibbs says. "I’m not saying it’s coming off quickly – if anything, it’s plateaued."
He attributes the housing market’s strength to the strong inward migration flows in recent months but says residential building has now almost caught up with demand so there’s little reason for continued exponential growth in supply.
Commenting is closed
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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 |
7.49 |
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 |
8.44 |
5.95 |
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 |
▼8.19 |
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 |
7.54 |
5.99 |
5.79 |
5.69 |
Last updated: 28 November 2024 9:27am Previous News
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Thursday, September 28th, 9:00AM
RBNZ announces OCR decision
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Tuesday, August 1st, 11:19AM
SBS eyes partnership with mortgage advisers
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Thursday, June 22nd, 9:00AM
OCR held again - here's what RBNZ had to say
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Thursday, May 11th, 10:26AM
Surprise at RBNZ’s OCR outlook
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Thursday, May 11th, 9:00AM
No change to OCR: What RB said today
-
Monday, May 8th, 6:00AM
Focus on tone, not content, of OCR call this week
-
Tuesday, May 2nd, 11:10AM
ANZ half-year profit jumps
-
Monday, April 24th, 10:23AM
Local flavour makes for bank winners
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