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Kiwibank should listen to Bollard

Tuesday, November 8th 2005, 12:52AM 2 Comments

by Philip Macalister

Everyone has had something to say on Alan Bollard's recent speeches - but here is a new angle.

First up, it has been a common criticism over the years that the OCR and the Policy Targets Agreement the Reserve Bank has to run the economy are pretty crude.

Well it seems like things have gotten even crudier - besides the OCR club there is now the guv's jawbone. Hardly inspiring stuff for managing a modern economy.

I doubt anyone is going to curb their spending just because Bollard has asked them to. The other crazy thing is that all the OCR increases do is push up the floating rate home loan rates, yet no one is borrowing money on variable rates - it's mainly fixed rate lending in the country and has been for some time.


As others as noted his speeches sound a little like panic.

Bollard's comments about the Australian-owned banks, their alleged profiteering and their cheap home loans have missed out one important point.

The bank which has been arguably the most aggressive in terms of pricing has been none other than the government-owned Kiwibank.
Within Good Returns we have the most comprehensive and user-friendly home loan rate available to the public. Within the section you can compare historical rates from lending organisations and plot graphs.

The following two demonstrate that over the past couple of months Kiwibank has been the most aggressive in terms of pricing.




You can compare rates at Good Returns here


« Fund flow figures not fantastic - stillA savings industry tribute to Rod Donald »

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Comments from our readers

On 26 November 2005 at 1:10 am Daz said:

It's a valid point about Kiwibank, why o why did we( nz gvt) sell our interest in NZ owned banks in the first place?

Surely part of an appox $2b profit annually would have been more useful GDP wise in NZ??

And what has the effect of the lastest interest rate rise?....more eurobond issues to satisfy the nz fixed rate mortg market, higher int rate for exporters/manufacturing not to mention the exchange rate!


On 30 November 2005 at 4:32 am Jens Meder said:

Cheer up, Daz, for recognising past failures is valuable knowledge for better ways into the future. Instead of mourning over spilt milk, why not call energetically for a higher capital (NZ Super Fund) accumulation rate to take over foreign financed mortgages and satisfy the demand for them until saturated, after which there is bound to be enough capital available for other investments and even export, for NZ To become a proper economic (mini)tiger in economic growth acceleration, and also eliminate its own internal pockets of poverty! If you cannot believe in that, come up with substantiated counterarguments or better solutions, so we all become more enlightened on the team effort we need to catch up and compete with Australia!

Jens.


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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

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