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Mortgages

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Rise in households struggling with mortgage repayments; RBNZ: house prices still near top of sustainable levels

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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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Growing numbers shop for home loans

There is some good news and warnings for banks in a recent survey of people with home loans.

Monday, July 16th 2012, 8:58AM

A new Horizon Research survey shows 13% of home owners with mortgages are shopping for better deals right now.

The survey reveals the huge pressure being placed on mortgage providers to compete.

It also indicates worsening household finances might be one of the factors driving the search for better deals.

The survey of 1165 residential home owners with mortgages shows 43.5% will go shopping for better mortgage rate or loan conditions within the next 12 months.

Taken in the past week, the nationwide survey of adult New Zealanders’ shows

  • 13% are looking right now for better interest or loan conditions 

  • 4.5% will look in the next three months
  • 6.2% in the next 6 months and
  • 
8% in 12 months or more from now.
  • Another 11.9% will shop around immediately if their current floating mortgage interest rate should rise.

 

The results are similar when rental property owners with mortgages are included.

Horizon Research says the major drive to find better mortgage deals also looks to be driven by large numbers who say their household’s financial position is worse than a year ago:

  • 44.1% or home owners with mortgages say their financial position is worse than a year ago 

  • 37.9% say it’s about the same while 

  • 11.3% say they’re better off and 

  • 2.7% would rather not say.

Horizon says detailed analysis of the survey shows significant opportunities for some of the main banks to target others’ customers.

It also shows, over the next few months, which banks are most at risk from customers’ shopping elsewhere. Many say they will not go to their current mortgage provider first when they start shopping for better deals.

 

« What triggers home loan rate changes?OCR to remain on hold until March 2013 - at least »

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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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