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Last Article Uploaded: Tuesday, June 28th, 11:42AM
Mortgage Rates Daily Commentary
Tuesday 28 June 2016  Add your comment
Special rate rise; OCR cut now more likely; New RB data on loans

BNZ has today tweaked its three-year special, adding 10 basis points to the price.

Mortgage lending was up again in May and nearly half of it was in interest only loans, the Reserve Bank’s new, more detailed lending data reveals. [READ ON]

It’s early days yet but economists agree that Brexit has upped the odds for the Reserve Bank to cut the OCR in August. [READ ON]

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PSIS extends home loans

PSIS is about to introduce fixed rate home loans to its existing floating rate product and will allow people to mix fixed and floating rates on individual loans, says chief executive John Price.

Thursday, June 7th 2001, 12:38PM

by Jenny Ruth

"It’s going to be a more competitive product. When interest rates are rising, people like to fix and when interest rates are going down, people like a floating capability," Price says.

"More and more people are tending to mix a bit of both," he says.

PSIS’s lending grew 3% to $392 million in the year ended March while deposits grew at a much greater 11.3% to $478 million.

Price says more than $300 million of the lending is on mortgages and the lack of a fixed rate home loan product was a major reason lending growth was so sluggish.

Consumers weren’t very confident last year and interest rates were volatile. "It scared people off on home buying or upgrading. In a volatile environment, people tend to go fixed and we didn’t have a product there," he says.

PSIS provides a range of personal banking services through its 28 branches, telephone, ATMs and Eftpos machines and has recently launched internet banking.

While PSIS began life in 1928 as the Public Service Investment Society, membership is no longer restricted to public servants, Price says. Only about half its current membership are public servants.

"We only do business with people but any person in New Zealand can be a customer." It isn’t involved in commercial banking.

Nevertheless, he acknowledges PSIS has an image problem which it will be addressing from July with a television advertising campaign.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.64 4.75 4.85 4.99
ANZ Special - 4.25 4.35 -
ASB Bank 5.55 4.69 4.75 4.89
ASB Bank Special - 4.25 4.19 4.39
BankDirect 5.55 4.69 4.75 4.89
BankDirect Special - 4.25 4.19 4.39
BNZ - Mortgage One 6.30 - - -
BNZ - Rapid Repay 5.75 - - -
BNZ - Special - 4.25 4.19 ▲4.49
BNZ - Std, FlyBuys 5.69 4.85 4.89 4.99
BNZ - TotalMoney 5.69 - - -
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 6.10 6.45 6.69 7.10
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 5.55 4.69 4.85 4.99
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.45 4.70 4.75 4.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.50 - - -
Kiwibank Special - 4.29 4.15 -
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.85 4.69 4.75 4.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 ▲4.19 4.39
Perpetual Trust 7.70 - - -
Resimac 5.34 4.95 4.99 5.05
SBS Bank 5.59 4.75 4.89 4.99
SBS Bank Special - 4.10 4.19 4.65
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 4.19 4.39
The Co-operative Bank 5.45 4.25 4.29 4.49
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.75 4.69 4.75 4.89

Last updated: 28 June 2016 8:41am

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