Article #976495551
Friday, August 28th 2009, 10:26AM
We started this week wondering whether any lenders were willing to follow Kiwibank and BNZ's floating rate cuts of last week and so far Credit Union Baywide is the only one keen to keep up the trend. Other rate changes for the past week were limited to SBS increasing its one-year rate by 10 basis points and the Cairns Lockie group increasing all its fixed rates by 10 basis points each which now makes their four and five-year rates the highest in our table. To check these rates and the changes click here.
In our Expert Views section we summed up what the economists are thinking about interest rates. The main points are that swap rates have fallen in the past week, thus taking pressure off further home loan rate rises. Also ASB is suggesting the OCR will be cut next month and Westpac has some advice for borrowers.
Our latest graph looks at the correlation between the floating rate and the 90-day bill rate and how fat the margin has got.
BNZ has been in the spotlight lately with its announcement to cease using mobile managers, so we take a look at whether it will drop its anti-broker stance and return to the broker market.
The latest set of advice is in from ANZ in its monthly Property Focus report. Here it favours short term rates and says rates will rise at some stage.
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