tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, November 28th, 8:21AM

Mortgages

Mortgage Rates Daily Commentary
Wednesday 27 November 2024  Add your comment
BREAKING: OCR 4.25%

The Monetary Policy Committee today agreed to reduce the Official Cash Rate by 50 basis points to 4.25 percent. [READ ON]

rss
Latest Headlines

Mortgage rates keep tumbling

Significant savings made from falling mortgage rates.

Wednesday, June 11th 2003, 9:30PM
Subscribers to the highly-popular Good Returns daily mortgage rate newsletter will be in no doubt that interest rates have been falling across the board in the past week since the Reserve Bank cut the Official Cash Rate.

The Real Estate Institute of New Zealand has praised the RBNZ for lowering the OCR a second time, this year saying the move is, "a positive approach to monetary policy."

Its latest interest rate survey confirms that most lending institutions have amended their one to five year fixed rates in the month to June 10. Twelve of the 15 institutions surveyed dropped their fixed rates between 0.10 and 0.41%, with most fixed rates dropping by 0.25 to 0.35%.

Floating rates also eased, many of the floating rates on offer falling by 0.24 to 0.50%.

REINZ National President, Graeme Woodley said the fact that the Reserve Bank appeared willing to lower the OCR a second time in order to limit the impact of recessionary forces and stimulate economic growth was welcome news for all homeowners.

"In a period where home values have continued to appreciate, the lower mortgage interest rate environment has had a positive impact on home affordability," he says.

"In real terms, the typical 5-year fixed interest rate in June 2002 was 8.45%, which on a $200,000 loan over 25 years equated to fortnightly repayments of $739.77. In the latest survey, the typical 5-year fixed rate is 6.85%, lowering those repayments to $643.23 per fortnight."

As of June 10, floating rates ranged between 6.65 and 7.60%. One year fixed rates ranged between 6.00 and 6.40%, two year fixed rates ranged between 6.20 to 6.50%, three year fixed rates ranged between 6.45 to 6.60%, and four and five year rates ranged between 6.60 to 6.85%.

To see who is offering what rate and to sort them in order go to the Good Returns Mortgage Rate page HERE.

SUBSCRIBE to the daily Mortgage Rates Newsletter HERE.

« Housing market slows gradually: economistTough standards being set for brokers »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
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 ▲8.64 ▲7.59 ▲7.05 ▲6.69
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.64 6.02 5.79 5.69

Last updated: 27 November 2024 9:50am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com