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Mortgage Rates Daily Commentary
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Aside from the expected RBNZ 0.50% OCR drop on Wednesday, economists are expecting a thorough update of where it sees interest rates going over the next two years. [READ ON]

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More short-term rate falls

Weekly home loan report: The momentum of fixed rate cuts slowed last week, then picked up for the beginning of this week, with a plethora of one-year rate decreases emerging for the first time in ages.

Tuesday, February 21st 2006, 6:58AM

by Janine Ogier

Many lenders announced cuts over the weekend and Monday, with banks such as ASB, BNZ, Bank Direct and Kiwibank leading the way to trim short- and long-term rates.

NBNZ introduced a 21-month rate of 8.15% last week and cut it to 7.95% this week. National and ANZ dropped fixed rates over the week.

Amongst non-bank lenders, many decreases have been recorded too. Those cutting include Sovereign, Asteron, Argosy, Pioneer, Tasman, Resi, Mortgage Finance, Housing Corp, Olympic, AXA, NZ Finance and Pacific.

Public Trust’s announcement of lower rates was accompanied by some hoopla about the cut to its one-year fixed rate to 7.99%, down from 8.30%.

The move significantly undercuts those currently offered by the five major banks and is lower than Kiwibank. The closest rate of any bank is Bank Direct’s 8.35%.

It seems like a challenge to others to follow suit in the short-term market.

Twenty-one lenders trimmed their one-year rates over the week.

But the range of one-year rates remains between the 7.6% offered by Southern Cross to 9.1% from GEM Home Loans.

Elsewhere in the marketplace, variable rates still start at the 8.50% offered by Napier Building Society and spread to the 9.75% recorded by Headstart. The major banks are clustered at the 9.55% level.

Two-year fixed terms continue to be stacked between the 7.75% offered by Southern Cross to 9.25% from Headstart, but there were 20 decreases over the week.

Three-year rates now vary between the 7.6% offered by Kiwibank, Bank Direct and Mortgage Finance to Headstart’s 9.15%. Again, 20 lenders cut their rates.

In the four-year part of the market, Superbank offers the lowest rate of 7.8% and the competitors are now in a narrow range up to 8.15% from NZ Finance. There were six rate cuts and one increase.

For five years, rates now differ between the 7.45% offered by NZ Home Loans and Sovereign to Gem Home Loans’ 8.55%. There were 22 rate decreases.

« Kiwibank grows share of home loan pieTSB holds its own in mortgage war »

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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 ▼8.60 6.75 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 7.75 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 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 8.69 6.49 6.49 6.49
TSB Special 7.89 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 8.39 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 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

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