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Last Article Uploaded: Thursday, July 31st, 12:32PM
Mortgage Rates Daily Commentary
Thursday 31 July 2014  Add your comment
Today it's the turn of the smaller banks and lenders

Floating rate increases today at The Co-operative Bank, HSBC and non-bank lender RESIMAC. HSBC continue with its one, two and three year specials, but increase its six month rate.

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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.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans ▲7.24 5.99 6.29 6.60
AMP Home Loans $200k+ ▲7.14 5.89 6.19 6.50
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ ▲6.74 6.05 6.49 6.65
ANZ LVR > 90 ▲6.74 6.55 6.99 7.15
ANZ Special - - 6.09 -
ASB Bank ▲6.75 6.09 6.40 6.65
ASB Bank Special - 5.95 - -
BankDirect ▲6.75 6.09 6.99 6.65
BankDirect Special - 5.95 - -
BNZ - Classic - - - 6.25
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus ▲6.74 5.99 6.39 6.59
BNZ - Mortgage One ▲7.15 - - -
BNZ - Rapid Repay ▲6.74 - - -
BNZ - Std, FlyBuys ▲6.74 5.99 6.39 6.59
BNZ - TotalMoney ▲6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide ▲6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 6.20 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society 6.25 5.85 6.50 -
Housing NZ Corp 6.50 6.00 6.30 6.60
HSBC Premier ▲6.84 5.95 5.99 6.25
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.85 5.85 5.85
Kiwibank 6.40 5.99 6.29 6.29
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.30 - - -
Kiwibank LVR > 80% - - 5.85 6.29
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society ▲6.95 ▲6.15 6.60 -
NZ Home Loans 6.35 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC - lo doc ▲7.59 7.06 7.38 7.82
RESIMAC LVR < 80% ▲6.59 6.06 6.38 6.82
RESIMAC LVR < 85% ▲7.59 7.06 7.38 7.82
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% ▲8.59 8.06 8.38 8.82
SBS Bank 6.15 5.85 6.20 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign ▲6.85 6.09 6.40 6.65
Sovereign Special - 5.95 - -
The Co-operative Bank ▲6.70 6.00 6.00 6.25
TSB Bank ▲6.74 6.00 6.19 6.60
TSB Special - - 5.80 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac ▲6.59 6.09 6.39 6.65
Lender Flt 1yr 2yr 3yr
Westpac - Capped rates - 6.49 6.99 -
Westpac - Offset ▲6.59 - - -
Westpac Special - 5.95 6.09 -
Median 6.59 6.00 6.39 6.60

Last updated: 31 July 2014 9:42am

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