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Mortgage Rates Daily Commentary
Monday 3 August 2015  Add your comment
Mortgage rates inch lower

Last week ended with more rate cuts. HSBC came out with rates at 4.49% (see here).

At the end of the day the ASB group of lenders also made cuts. Their key change is that it has matched the 4.69% which BNZ and Westpac have, but are using it on its one-year fixed rate rather than the two-year term.

 

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Not being able to prove your income is one of the major hold-ups to quick loan approval, says Cairns Lockie.

Saturday, January 27th 2001, 4:55PM

by Paul McBeth

 

Not being able to prove your income is one of the major hold-ups to quick loan approval.

That's the word from mortgage bankers Cairns Lockie, who say that everyone wants a quick answer when submitting a loan application. While they have approved loans in under an hour, "to obtain this sort of service the onus rests not with the lender but with the applicant".

William Cairns says the main thing slowing down approvals is when people turn up without sufficient proof of income. That's dead easy for salary earners (you just need a couple of payslips), but self-employed borrowers need to bring accounts or tax statements.

"Self-employed people should not look on this as an onerous task just to please a lender. Completing annual accounts in a timely fashion makes borrowing easier, clarifies your tax position and confirms how your business has gone in the past year."

Cairns says another common hold-up is when people turn up but haven't decided whether or not they're going to put things in a trust: "They'll come along and you find they need a whole lot more documentation." If you're planning to borrow through a trust or company that you haven't set up yet, that's another delay as trust deeds have to be prepared and company information sent to the Companies Office before settlement day.

 

So, if you're in a hurry:

  • Don't leave anything out on the application form (getting back in touch with you all takes time);
  • Doublecheck all the attachments needed - and make sure you've attached them! This can include sale and purchase agreements, payslips, company and trust accounts; and
  • If you're refinancing, remember a copy of your current mortgage lender's mortgage statement.

Other stuff to think about:

  • If you plan to borrow through a trust or company, they'll take a while to set up so you'll need to get these organised; and
  • If your loan has been approved subject to any conditions, for example a registered valuation, don't leave these until the last minute to sort out.

Paul is a staff writer for Good Returns based in Wellington.

« Nope, no changeStill more cuts to come »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.24 5.10 5.59 5.59
ANZ Special - 4.89 4.99 -
ASB Bank 6.50 ▼5.05 ▼5.25 ▼5.35
ASB Bank Special - ▼4.69 ▼4.89 ▼4.99
BankDirect 6.50 ▼5.05 ▼5.25 ▼5.35
BankDirect Special - ▼4.69 ▼4.89 ▼4.99
BNZ - Mortgage One ▼6.65 - - -
BNZ - Rapid Repay ▼6.24 - - -
BNZ - Special - - ▼4.69 -
BNZ - Std, FlyBuys ▼6.24 5.19 5.39 5.29
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 ▼4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - ▼4.49 ▼4.49 ▼4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.35 ▼5.05 ▼5.25 ▼5.35
Sovereign Special - ▼4.69 ▼4.89 ▼4.99
The Co-operative Bank 6.20 4.89 4.99 5.20
TSB Bank ▼6.24 5.45 5.49 ▼5.40
TSB Special - - 4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac ▼6.15 5.39 5.39 5.59
Westpac - Capped rates - ▼6.15 ▼6.15 -
Westpac - Offset ▼6.15 - - -
Westpac Special - - ▼4.69 -
Median 6.45 5.19 5.39 5.39

Last updated: 31 July 2015 11:25am

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