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ASB adds Special

ASB and Bank Direct have added a three-year Special rate of 6.19% to their ratecards. This move follows BNZ which rolled out this rate for its Classic product earlier in the week. ASB and Bank Direct come with conditions such as a minimum 20% deposit.

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Broking firm challenges the market

An Auckland-based mortgage broking firm has just significantly undercut the market with a one-year fixed rate of 6.45%.

Thursday, June 28th 2001, 10:22AM

by Jenny Ruth

Mortgage broker and financial planning firm Millennium Financial Services, based on Auckland’s North Shore, is currently offering one-year fixed mortgages at 6.45%. The rate applies only to residential loans with a minimum loan size of $40,000.

That’s about 25 basis points lower than its nearest competitors are offering for the same fixed period. And it comes with other benefits such as no set up fees.

Millennium managing director Michael Morrison says within 24 hours of the company advertising its rate in the New Zealand Herald the firm had received "well into the millions" of dollars worth or enquiries.

He says the funding is sourced from one of the banks, but won’t say which one.

The reason Millennium can offer such a low rate is its reputation with that particular bank, he says. His company ranks top among mortgage brokers with that bank in terms of the number of loan applications submitted which are approved.

"We’re quite a bit higher than the next best," Morrison says.

Some mortgage brokers only get about half the loans they submit to banks approved, he says.

Millennium opened its doors in March 1997 and "we’ve spent the last five years earning the ability to get those benefits." This is the first time it’s advertised.

Achieving a high success rate is a matter of doing the job properly and preparing a comprehensive financial plan for every client, regardless of the mortgage product used, he says.

His company works with all the banks in New Zealand and when it restructures clients’ loans it’s usually with their own banks.

Morrison sees developing a good rapport with all the banks as crucial to his business. He headed a bank charity project about 18 months ago which earned the firm both kudos and tangible benefits in the form of deals not normally available to mortgage brokers, he says.

The average saving Millennium has been able to achieve per client is $89,000, he says.

Morrison would like to see the mortgage broking industry exercise a greater degree of self-regulation. "The quality of the industry is of concern to the banks."

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
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 - - 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 ▼6.19
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 5.99 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 6.74 5.99 6.19 6.60
HSBC Premier 6.84 5.95 5.95 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank ▲6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset ▲6.55 - - -
Kiwibank LVR > 80% - - ▼5.89 -
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC LVR < 80% 6.59 6.35 6.58 6.77
RESIMAC LVR < 85% - - - -
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% - - - -
RESIMAC LW DOC - - - -
SBS Bank 6.15 5.85 5.99 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 - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 6.00 6.19 6.60
TSB Special - - ▲5.99 -
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.99 6.19
Median 6.68 6.03 6.39 6.60

Last updated: 30 August 2014 7:41am

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