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Mortgage Rates Daily Commentary
Friday 31 October 2014  Add your comment
HSBC does it again

HSBC has rolled out a market-leading special one-year fixed home loan rate of 5.39%.  In addition, to this rate it has reduced its standard HSBC Premier one, two and three-year fixed mortgage rates to 5.69%, 5.75%. and 5.99%, respectively.

“We have offered these latest market-leading rates as we have been seeing increased demand for shorter tenor fixed term mortgages from our HSBC Premier customers,” said Glen Tonks, Head of Retail Banking and Wealth Management at HSBC New Zealand. 

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It's that time of the year when we look at what banks are offering property investors when it comes to lending. I would like to invite you to take part in our annual bank lending survey. All respondents will be sent a complimentary copy of the NZ Property Investor Magazine. Please take a few minutes to fill in this survey. Many thanks.  - Philip

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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 »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 ▲5.79 ▼6.19 6.65
AMP Home Loans $200k+ 7.14 ▲5.69 ▼6.09 6.55
AMP Home Loans LVR <80% - - ▼5.75 6.19
ANZ 6.74 6.15 6.39 6.49
ANZ Special - 5.69 5.75 6.09
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - 5.70 5.75 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - 5.70 5.75 6.19
BNZ - Classic - - 5.75 5.85
BNZ - GlobalPlus 6.74 5.89 6.39 6.59
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
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 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 ▼5.69 ▼5.75 ▼5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.39 - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.79 ▼6.19 6.65
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - ▼5.75 6.19
Liberty - - - -
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 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 6.35 6.58 6.77
SBS Bank 6.65 5.85 5.99 6.19
SBS Bank Special - - - 5.89
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - 5.70 5.75 6.19
The Co-operative Bank 6.70 5.70 ▼5.75 ▼6.09
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.75 6.19
Median 6.70 6.00 6.39 6.55

Last updated: 31 October 2014 8:39am

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