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Last Article Uploaded: Tuesday, July 29th, 10:09AM
Mortgage Rates Daily Commentary
Tuesday 29 July 2014  Add your comment
Westpac does a 35 basis point hike

Westpac has increased its floating and Choices Offset rates by 35 basis points to 6.59%. Meanwhile its Choices Everyday revolving credit rate has gone up 25 basis points to 6.75%.

Despite a 35 basis point increase Westpac still compares favourably when floating rates are compared. See here

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Polies reject housing tax, real estate agents crow

The predictable public outcry that followed the suggestion of an annual tax on housing has led the leaders of all the major parties to reject such an idea.

Friday, June 22nd 2001, 12:04PM

The idea came from the team reviewing the New Zealand tax system at the behest of the Labour-Alliance government which is chaired by Rob McLeod, managing partner at accountancy firm Arthur Andersen.

The Real Estate Institute is welcoming "the outbreak of common sense" from the politicians.

The McLeod team "clearly believes that New Zealanders should be discouraged from buying the family home in favour of other alternative forms of saving. This view is much favoured among the managed funds industry but has few friends elsewhere," says institute president Rex Hadley.

The McLeod team’s argument is that owner-occupied housing is tax free and, because other forms of investment are taxed, people tend to invest more in housing than they would otherwise.

Hadley says most New Zealanders aspire to own their own home for a variety of practical reasons, including providing a home for their family as well as acquiring equity and using it for such purposes as borrowing to fund a business or some other investment for their retirement.

"It is hard to take seriously the view that investors are motivated to buy their own homes because of inconsistent (tax) treatment of different savings vehicles," Hadley says. "I think such investors are so rare as to be almost extinct."

« Government review recommends tax on housingHousing tax plain dumb »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 6.99 5.99 6.29 6.60
AMP Home Loans $200k+ 6.89 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 6.59 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 7.34 7.06 7.38 7.82
RESIMAC LVR < 80% 6.34 6.06 6.38 6.82
RESIMAC LVR < 85% 7.34 7.06 7.38 7.82
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% 8.34 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 6.45 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 6.54 6.00 6.39 6.60

Last updated: 29 July 2014 6:33am

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