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Can't get no loyalty

Elders says it gets no loyalty from customers who take out three year rates so has dropped it althogether.

Friday, February 13th 2004, 5:51AM

by The Landlord

Elders Home Loans has withdrawn its three-year fixed rate home loan and now only offers fixed rate loans for one and two years.

General manager Robert Redford says the company’s experience was that clients taking out three-year loans found the market moved against them.

"We didn’t get any goodwill out of it. We found as soon as those loans expired at the end of the three years, they were all being refinanced with someone else. We were just losing all those loans," Redford says.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build ▼5.94 - - -
AIA - Go Home Loans 8.49 ▼6.45 ▼5.89 ▼5.79
ANZ 8.39 ▼7.05 ▼6.59 ▼6.49
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.45 ▼5.99 ▼5.89
ASB Bank 8.39 ▼6.45 ▼5.89 ▼5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼8.90 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼6.55 ▼5.99 ▼5.89
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 ▼6.55 ▼5.99 ▼5.89
BNZ - TotalMoney 8.44 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼6.19 - -
Co-operative Bank - Owner Occ ▼8.15 ▼6.39 ▼5.99 5.99
Co-operative Bank - Standard ▼8.15 ▼6.89 ▼6.49 6.49
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.99 6.60 -
First Credit Union Standard 8.50 7.59 7.20 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.35 7.00 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 ▼6.45 ▼5.99 ▼5.89
Kainga Ora 8.64 7.45 7.09 6.89
Lender Flt 1yr 2yr 3yr
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.25 ▼7.35 ▼6.89 ▼6.69
Kiwibank - Offset 8.25 - - -
Kiwibank Special - ▼6.45 ▼5.99 ▼5.89
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.14 6.79 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼8.49 ▼7.19 ▼6.49 ▼6.49
SBS Bank Special - ▼6.59 ▼5.89 ▼5.89
Lender Flt 1yr 2yr 3yr
SBS Construction lending for FHB - - - -
SBS FirstHome Combo ▼5.94 ▼5.59 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank ▼9.19 7.49 7.05 6.79
TSB Special ▼8.39 6.69 6.25 5.99
Unity 8.64 6.70 6.49 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.60 ▼6.80 ▼6.50 -
Westpac 8.39 7.45 6.79 6.59
Lender Flt 1yr 2yr 3yr
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Westpac Special - 6.85 6.19 5.99
Median 8.46 6.75 6.49 5.99

Last updated: 22 August 2024 9:14am

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