tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

News

rss
Latest Headlines

Ringing in the rate changes

Friday, November 25th 2016, 10:00AM 5 Comments

We have increases to fixed rates across the board today from BNZ, ASB, Bank Direct and Sovereign. When you look at the rates table here there's a lot of red ink.

Tags: Mortgage Rates

« ANZ sets new highsInvestor success bubbling away »

Special Offers

Comments from our readers

On 25 November 2016 at 2:27 pm DT said:
So a number of banks have raised fixed rates today. Please let us ignorant borrowers know your reasons for doing this. To save you a bit of time, I have listed some options for you to choose from. Please select from the following reasons
1. We have chosen to ignore the recent cut to the OCR, and use the profits to pay our executives higher salaries
2.Banking is about business and is nothing about having a social conscience or morals, and if we can screw some more money out of ignorant borrowers, we will continue to do so
3. There is nothing to stop us, we will raise rates whenever we feel like it, the government would never intervene
4.Usury is legal in New Zealand
5. We can always take advantage of the general apathy and ignorance of borrowers, after all there is only one comment from all our thousands of borrowers in this column
On 29 November 2016 at 12:01 pm gavin austin adviser business compliance said:
Hi DT - good comments- yes we have become very apathetic towards mortgage rates due to the relative pow interest rates compared to a few years ago. Banks do need to justify their positions but don't hold your breath for a response to your comments as they just won't bother- another sign of their arrogance. The Bankers Assoc probably wont respond either as they are just a collective of the BIG four and we all know that the NZBA CEO is just their puppet mouthpiece.
On 30 November 2016 at 7:51 am Keith Walter said:
When the interest rate the banks borrow at increases (as it has) the mortgage rates rise
On 30 November 2016 at 2:08 pm gavin austin adviser business compliance said:
Great insight Keith - where specifically did this increase come from? I thought we had pretty high internal costs of borrowing compared to world markets. If we (the Banks) are going offshore for funding it should(excluding currency risk) be cheaper after all we do have a "Super Turbo Charged Growth Economy" a very stable political climate so all seems to be in our favour. Any additional info that you have to enlighten readers of Good Returns would be great.
On 30 November 2016 at 2:24 pm DT said:
So the next question is- can anybody tell me how much the rate the banks borrow overseas money at has increased? If it increased by .25% in August and again by .25% in November, borrowers could understand by OCR cuts haven't been passed on. A general statement that 'overseas borrowing interest rates have increased, therefore we can't pass on OCR cuts', does nothing to assure borrowers that the banks aren't just skimming off a bit of free cream for themselves
If the banks have nothing to hide, why is there no response to my comments, or is this just another sign of their arrogance?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
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

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com