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Rise in households struggling with mortgage repayments; RBNZ: house prices still near top of sustainable levels

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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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Two-year home loan rates a bargain

Hot competition continues in the medium term home loan rate market with BNZ moving the aggressive pricing strategy it has used for its two-year rate to the three-year one as well.

Monday, March 15th 2004, 10:23PM

by Philip Macalister

BNZ, announced on Friday night, that it is now offering a three year fixed rate at 6.99% - significantly below its competitors. The two and three year rates are available on the standard, tailored, and Fly Buys Home loans as well as the Ultimate Home Loan package that is a combination of fixed and floating.

The rate is not available on GlobalPlus Home Loans or any other packaged offers, where the applicable 2-year rate is 7.30% and applicable 3-year rate is 7.50%.

"BNZ set the pace for the two-year fixed home loans," general manager of business development Andrew Whitechurch says. "Now we're offering a market-leading home loan rate for three-year fixed home loans as well."

Aside from BNZ's activity on Friday last week was noticeably quiet in the lead up to the Reserve Bank's Official Cash Rate announcement with no significant changes being made.

The RBNZ left the OCR at 5.25% on Thursday. Following the announcement there have been some tentative moves downwards. Cairns Lockie/eMortgage, General Finance and Wizard all dropped fixed rates.

While BNZ has been leading the way in the two and three year markets, there are also some pretty sharp one-year rates on offer at present. The latest lender to move in his market is HSBC which is offering a special one-year rate of 6.55%. (Standard HSBC one year rate is 7.00%).

What's the best deal at the moment? There seems to be little doubt that two-year fixed rates are highly attractive.

"Two year rates are a bargain," ASB Bank economist Anthony Byett says.

"They're good rates and they're a good insurance policy."

He says this as medium and long-term rates are driven off what is happening in United States economy. Once the jobs start coming through in that country then the Federal Reserve will start increasing rates.

Byett says the New Zealand market will be watching the Federal Reserve's meeting Wednesday (Tuesday US time) to see what chairman Alan Greenspan has to say about the job market.

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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

Last updated: 30 October 2024 9:36am

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