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Mortgage Rates Daily Commentary
Monday 27 March 2017  Add your comment
OCR predictions; Mortgage adviser survey

Some interesting comments from Westpac today. It agrees with the RBNZ that the OCR will remain on hold for a considerable time. "We’ve pencilled in two OCR increases in the first half of 2019, but the way we’d describe this more broadly is that the first rate hike is too far away to be precise about the timing"

MORTGAGE ADVISERS: We are running a survey to gauge what the big issues are for you and your business at the moment. We would love it if you took a moment to complete the survey. By doing so you will get more info about what other advisers are thinking. Also it will help TMM deliver content to help you.

To complete the survey please click on this link.

 

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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
ANZ 5.79 4.89 5.29 5.49
ANZ Special - 4.49 4.79 -
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 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 5.25 -
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 ▲5.75 ▲5.00 ▲5.20 -
Housing NZ Corp 5.65 ▲4.89 5.19 5.49
HSBC Premier 5.59 4.19 4.39 4.89
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.55 4.99 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.55 - - -
Kiwibank Special - 4.59 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
NZ Home Loans 5.80 4.99 5.19 5.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.59 4.79 5.09
Resimac 5.30 4.86 4.94 5.30
SBS Bank 5.65 4.99 5.19 5.49
SBS Bank Special - ▲4.59 ▲4.79 5.25
Sovereign 5.90 4.99 5.19 5.49
Sovereign Special - 4.59 4.79 5.09
The Co-operative Bank - Owner Occ 5.65 4.59 4.85 5.25
The Co-operative Bank - Standard 5.65 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.99 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.59 4.79 5.09
Median 5.79 4.88 5.17 5.38

Last updated: 24 March 2017 9:44am

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