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Thursday 16 April 2015  Add your comment
New special and carded cuts from Westpac

Westpac has added a new 18-month special rate of 5.34%. Meanwhile it has made a number of cuts, all or around 10 basis points, to a number of fixed rates. Its five-year special and card rates, along with the 18 month and four year rates are down 10 points and the six-month rate is down nine points.

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Some good news for home buyers

While home affordability in New Zealand improved in the March quarter for the second successive quarter, buying a home remains distinctly less affordable than it was a year ago.

Wednesday, May 9th 2001, 9:50PM

by Jenny Ruth

While home affordability in New Zealand improved in the March quarter for the second successive quarter, buying a home remains distinctly less affordable than it was in the March quarter last year.

That's according to AMP Banking's home affordability survey conducted by Massey University.

Home affordability in New Zealand improved 2.3% on average in the March quarter and is expected to improve further this quarter as interest rates continue to decline. But it's still 10.1% worse than in the March quarter last year.

The survey found declining mortgage rates, a 0.3% decline in the median house price and a 1.4% rise in average weekly wages all contributed to the improvement in the latest quarter.

However, the median house price appeared to be the major determinant. While the national median house price fell from $174,000 to $173,500 over the quarter, house prices fell in five regions and rose in 12.

Affordability increased in the regions where house prices fell and decreased in the regions where house prices rose.

On an annual basis, all regions experienced a decline in home affordability and in nine of the 11 regions the median house rose over the year. The two regions in which house prices didn't rise, Taranaki and Southland, experienced the smallest declines in home affordability.

Perhaps that explains why housing sales activity remains subdued. Massey quotes Real Estate Institute figures showing housing sales were down 18.5% at 64,779 year on year.

The regions which experienced a quarterly improvement in affordability were Taranaki, up 7%, Wellington, up 5.4%, Hawkes Bay, up 3.8%, Northland, up 2.7% and Nelson, up 0.6%. Affordability fell 4.8% in Southland in the quarter and 3.6% in Otago and the declines in the rest of the country were all less than 1%.

In the year, affordability fell most in Northland, down 32.9%, and Otago, down 16.5%, and fell least in Taranaki, down 0.5%.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.99 5.99 6.29
ANZ Special - 5.49 5.39 5.79
ASB Bank 6.75 5.99 5.99 ▲6.39
ASB Bank Special - 5.59 5.39 ▲5.59
BankDirect 6.75 5.99 6.09 ▲6.39
BankDirect Special - 5.59 5.39 ▲5.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Special - - 5.15 -
BNZ - Std, FlyBuys 6.74 5.49 5.39 5.55
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
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
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Heartland 6.70 7.00 7.25 7.85
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank Special - - 5.39 5.55
Liberty - - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.29
Perpetual Trust 7.70 - - -
Resimac 6.59 ▼5.88 ▼5.86 ▼5.90
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.29
Sovereign Special - 5.59 5.39 5.45
The Co-operative Bank 6.70 5.59 5.39 5.59
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 5.99 5.99
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.81 5.91 5.89

Last updated: 16 April 2015 9:09pm

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