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Mortgage Rates Daily Commentary
Friday 1 November 2024
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]
Housing market slows gradually: economist
The latest housing consent figures once again show huge swings in approvals for apartments, but they also show, for once, that the number of consents excluding apartments are also down.
Monday, June 9th 2003, 1:12AM
by Jenny Ruth
Seasonally adjusted, housing consents fell 10.7% in April after rising 15.7% in March. Excluding apartments, consents were down 4.3% from March.
The raw numbers show there were 2,232 consents worth $400.3 million issued in April compared with 2,537 worth $435.7 million in March and 2,206 worth $338.8 million in April last year.
Apartment approvals fell to 447 from 476 in March but were up on the 439 approved in April last year.
Deutsche Bank chief economist Darren Gibbs notes that the overall monthly movement was the tenth consecutive move in double digits.
"Looking though the extreme monthly volatility, we remain comfortable with our assessment that the housing market peaked late last year and that a gentle slowdown is now underway," Gibbs says.
That view is supported by the latest Statistics New Zealand figures.
They say the trend for consents has been declining since November 2002.
Nevertheless, it warns against reading too much into this because of the volatility of apartment approvals. "The trend series for new dwelling units, excluding apartments, remains steady," it says.
Still, there are other signs growth is slowing. In the key Auckland region, consents in April were actually 240 lower than in April last year. Auckland consents in April accounted for 35% of the total.
But Gibbs thinks any slowdown will remain gradual because the market will be supported by continued strong migrant inflows and declining interests rates.
Commenting is closed
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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 |
7.65 |
5.99 |
5.75 |
5.69 |
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 |
8.50 |
▼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 |
6.17 |
5.79 |
5.69 |
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