About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, August 4th, 6:48AM
Mortgage Rates Daily Commentary
Monday 3 August 2015  Add your comment
Mortgage rates inch lower

Last week ended with more rate cuts. HSBC came out with rates at 4.49% (see here).

At the end of the day the ASB group of lenders also made cuts. Their key change is that it has matched the 4.69% which BNZ and Westpac have, but are using it on its one-year fixed rate rather than the two-year term.

 

rss
Latest Headlines

Housing tax plain dumb

Cairns Lockie explains three major problems with a housing tax.

Monday, June 25th 2001, 9:45PM

by Jenny Ruth

Forget about whether the McLeod committee’s suggestion that New Zealand should have an annual tax on housing equity is political poison or not. Mortgage bankers Cairns Lockie reckon the idea is just plain dumb.

It comes up with three major problems.

"Pensioners on a low income but with high valued properties will be severely penalised," it says.

How severe can easily be seen in how the proposed tax would work. Cairns Lockie’s example is of a $300,000 house with a mortgage of $100,000. Assuming a risk-free rate of 6% and a marginal tax rate of 39%, the annual tax bill would be $4,680.

"Those who decide to pay off their mortgage more quickly will be penalised considerably more than those who use their mortgages to purchase lifesyle assets such as expensive boats and cars," it says.

And "there will be a number of avoidance schemes. Those who are self-employed will be tempted to create loans to their businesses to negate this wealth tax.

The McLeod committee was set up by the Labour/Alliance government to review New Zealand’s tax system.

« Polies reject housing tax, real estate agents crowBroking firm challenges the market »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.24 5.10 5.59 5.59
ANZ Special - 4.89 4.99 -
ASB Bank 6.50 ▼5.05 ▼5.25 ▼5.35
ASB Bank Special - ▼4.69 ▼4.89 ▼4.99
BankDirect 6.50 ▼5.05 ▼5.25 ▼5.35
BankDirect Special - ▼4.69 ▼4.89 ▼4.99
BNZ - Mortgage One 6.65 - - -
BNZ - Rapid Repay 6.24 - - -
BNZ - Special - - 4.69 -
BNZ - Std, FlyBuys 6.24 5.19 5.39 5.29
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 ▼4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - ▼4.49 ▼4.49 ▼4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.35 ▼5.05 ▼5.25 ▼5.35
Sovereign Special - ▼4.69 ▼4.89 ▼4.99
The Co-operative Bank 6.20 4.89 4.99 5.20
TSB Bank ▼6.24 5.45 5.49 ▼5.40
TSB Special - - 4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.15 5.39 5.39 5.59
Westpac - Capped rates - ▼6.15 ▼6.15 -
Westpac - Offset 6.15 - - -
Westpac Special - - ▼4.69 -
Median 6.45 5.19 5.39 5.39

Last updated: 31 July 2015 11:25am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
from
to
for
To graph multiple lenders, hold down Ctrl key while clicking in list box
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com