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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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Competition keeps rates down

Weekly home loan report: Three factors are in play for home loan borrowers at the moment

Tuesday, June 7th 2005, 12:01PM
Three factors are in play for home loan borrowers at the moment – falling long term rates, an impending official cash rate review and competition.

For those borrowing on longer terms (three years or more) there has been a continuing reduction in rates over the past week. In fact the majority of the trading banks have reduced their three, four and five year fixed rates and some falls have been by as much as 30 basis points.

Major trading banks to move in the past week include ANZ, ASB, BNZ and Westpac.

For those borrowing on shorter terms, two years or less, the focus of attention is on the Reserve Bank’s review of its official cash rate on Thursday.

The consensus view from economists is that the bank will keep the OCR at its current level of 6.75%. This is despite warnings from the Reserve Bank governor Alan Bollard that rates could rise.

The growing expectation is premised on recent economic data, which suggests that the central bank has inflation under control and the economy is slowing as the bank wants.

Assuming the economists are correct it is unlikely that floating, six month and one year rates will move much in the foreseeable future.

As reported in the www.mortgagerates.co.nz home loan report last week, the Bank of New Zealand has launched the third of its so-called Unbeatable campaigns, this time offering to have the lowest rate of the big banks (but not their online subsidiaries) in the two and three year fixed market.

Its no-frills rate for two and three year home loans is 7.55%, while its standard rate is 7.80%.

In a not unexpected move, as it is a re-run of previous price battles, the ASB’s virtual bank and government-owned Kiwibank went below the BNZ offering two and three year rates of 7.50%. TSB Bank also has a two-year rate of 7.50% but left its three-year rate of 7.70%.

Amongst the big banks, ANZ pretty much matched the BNZ offer last week offering a 20-month rate of 7.55%. Meanwhile The National Bank has a special 27-month fixed home loan rate of 7.60%

Three year rates currently range from 7.50% up to NZ Mortgage Funds’ 8.25%. Most of the banks, including BNZ have three-year rates of 7.80%.

Five year rates range from Kiwibank’s 7.50% up to NZ Mortgage Funds’ 8.21%. Like the three-year market most of the bank rates are around the 7.80% mark.

« Economists say interest rates will be left unchangedOCR unchanged at 6.75% »

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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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