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Last Article Uploaded: Tuesday, January 24th, 4:44PM
Mortgage Rates Daily Commentary
Monday 23 January 2017  Add your comment
A pleasant surprise

While everyone is busy raising mortgage rates one bank has done the opposite. SBS has lowered its one-year rate to 4.19% which makes it the lowest standard rate on offer in the market at the moment. HSBC sits alongside it here, however it has more conditions on its offer.

To see how the battle for short-term rates stacks up click here.

While SBS did lower a rate it also raised some of its longer ones.

Also moving today is Sovereign which has increased its variable rate as well as six months, one year and 18 month rates.

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Latest Headlines

NBNZ calls for further rate cuts

The National Bank is calling for the Reserve Bank to cut interest rates further in the wake of its latest monthly survey which shows business confidence halved from March.

Monday, April 30th 2001, 12:40PM

by Jenny Ruth

The National Bank is calling for the Reserve Bank to cut interest rates further in the wake of its latest monthly survey which shows business confidence halved from March.

A net 17% of businesses now expect general business conditions to improve over the next 12 months, down from 30% at the end of March.

Chief economist Brendan O’Donovan attributes the decline to global growth jitters.

The outcome isn’t as bad as the Institute of Economic Research’s quarterly survey published earlier this month which showed confidence slumping from positive 31% to a net 2% negative.

Nevertheless, `the direction and fragility of confidence is clear,’ O’Donovan says.

`The Reserve Bank has been handed the (losing) trifecta of weakening global growth, deteriorating business confidence and modest inflation,’ he says.

While the central bank has responded by cutting rates, `more work has to be done.’

Another looming problem domestically is that drought conditions over much of the country will dampen the demand stimulus from the strong recovery in rural incomes over the past year.

`We’ll be getting a skim milk rather than full cream version of the agricultural sector in the coming year,’ O’Donovan says.

The survey’s inflation indicators should also provide the Reserve Bank with comfort to continue to reduce interest rates, he says. `Firms’ pricing intentions and inflation expectations continue to ease.’

The central bank has lowered its official cash rate from 6.5% to 6% in two 25 basis point moves so far this year.

« Floating rates sink while fixed rates riseBank margins trimmed: KPMG »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ ▲5.69 ▲4.95 ▲5.25 ▲5.49
ANZ Special - ▲4.45 ▲4.75 -
ASB Bank ▲5.80 ▲4.99 5.19 5.49
ASB Bank Special - ▲4.59 4.79 5.09
BankDirect ▲5.80 ▲4.99 5.19 5.49
BankDirect Special - ▲4.59 4.79 5.09
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.49 4.79 5.09
BNZ - Std, FlyBuys 5.79 4.89 5.19 5.49
BNZ - TotalMoney 5.64 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.59 ▲4.75 ▲4.90 ▲5.20
HSBC Premier 5.59 4.19 4.39 4.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.40 4.80 ▲5.05 ▲5.35
Kiwibank - Capped - - - -
Kiwibank - Offset 5.40 - - -
Kiwibank Special - 4.35 ▲4.65 ▲5.05
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.99 5.25 -
NZ Home Loans 5.65 4.80 ▲5.05 ▲5.35
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.35 ▲4.65 ▲5.05
Perpetual Trust 7.70 - - -
Resimac 5.30 4.86 4.94 5.15
SBS Bank 5.54 4.75 4.95 5.29
SBS Bank Special - ▼4.19 ▲4.54 ▲4.95
Sovereign ▲5.90 ▲4.99 5.19 5.49
Sovereign Special - ▲4.59 4.79 5.09
The Co-operative Bank - Owner Occ ▲5.55 ▲4.45 ▲4.75 ▲5.05
The Co-operative Bank - Standard ▲5.55 ▲4.95 ▲5.25 ▲5.55
TSB Bank 5.54 4.75 4.79 4.99
TSB Special - 4.25 4.49 4.69
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.65 4.89 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.49 4.79 5.09
Median 5.69 4.78 4.92 5.12

Last updated: 24 January 2017 9:42am

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