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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

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
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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