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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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Lenders tweak rates

Weekly Home Loan report: It is a relatively benign environment on the interest rate front at the moment meaning that very few changes in home loan rates are coming through and no major competitive plays in progress.

Tuesday, August 9th 2005, 8:12AM

Bank of New Zealand continues with its discounted two and three year loans, however it isn’t making much noise about them at present.

At the longer end Kiwibank still has its 6.99% five-year rate, however last week it added some conditions to it. Loans have to be new ones, for more than $100,000 and 20% of the loan must be taken out on a variable rate.

The only movement to bank rates in the past week were National Bank putting its one-year rate up to 7.70% and TSB Bank confirming its one-year rate was 7.80%.

Other lenders to move in the short-term end of the market were NZ Mortgage Funds (which put up all its fixed rates), while PSIS and SBS put their one-year and six-month rates respectively up to 7.90%.

Besides NZ Mortgage Funds, two other lenders moved longer term rates last week; AXA dropped its four and five year rates to 7.50% each, Pacific Home Loans also dropped its three, four and five year rates, but lifted its two-year rate to 7.68%.

Today SMC Building Society upped its six and 12-month rates and dropped its three-year one.

A more significant change was made by Pioneer. It dropped its three, four and five year rates.

While the market has been relatively quiet at present, there still seems to be plenty happening in the housing market.

Quotable Value reported yesterday that the growth in property values is continuing to edge upwards. While ASB Bank said house expectations have dropped slightly but market expectations are for a soft landing for the housing market.

Although we are in the middle of winter the home loan market is due to heat up soon when banks launch their spring campaigns. Good Returns understands some campaigns will kick off in around three week’s time at the start of September.

Current rates
Three year rates range from a low of 7.45% (offered by BNZ. PSIS and Bank Direct) up to Silver Fern which tops the table at 8.14%. Westpac’s capped rate for this term is higher on 8.405.

Five year rates range from Kiwibank’s 6.99% - which as mentioned earlier has some conditions – up to Silver Fern at 8.09%. The next lowest rate after Kiwibank is 7.40%, and six lenders are offering this rate.

« House price inflation accelerates yet againANZ changes commission payments »

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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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