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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. 

Please tell us about banks
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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Phantom bidding slammed

Phantom bidding at house auctions hit the headlines across the ditch last week when a Melbourne magistrate slammed the practice as "evil, deceitful and misleading."

Tuesday, July 17th 2001, 9:05AM

by Jenny Ruth

Phantom bidding at house auctions hit the headlines across the ditch last week when a Melbourne magistrate slammed the practice as "evil, deceitful and misleading."

Prominent Melbourne real estate agent Tim Fletcher was suing buyer’s advocate Justin Dunne for defamation, alleging Dunne called him an idiot and threatened to report him to the fraud squad after an auction in May last year.

Fletcher had been bidding on behalf of the vendor at that auction and Dunne failed to secure the property for his client.

The practice of agents bidding up to the vendor’s reserve price is common on both sides of the Tasman and made the headlines here last year after high profile Auckland real estate agent Michael Boulgaris conducted an auction on television show Location Location Location.

Last week, Melbourne magistrate Colin Maclead, who dismissed the defamation claim, said that ``pulling bids out of the air ... in my view, amounts to a fraud," The Age newspaper reported.

"I find that Mr Fletcher, in using what on evidence, sadly, is a common practice, was indulging in a deceitful, misleading and fraudulent stratagem to boost bids.’’

Macleod found Dunne had been "duped’’ and "put off and misled’’ by Fletcher’s "clever use’’ of fictitious bids at the auction.

Dunne "could not keep track of where and when honest bids were made,’’ Macleod said.

Outside the court, Fletcher said it was "a sad day for the vendors of Australia,’’ that the practice was not deceptive and that he would appeal against the decision.

"It's a vendor's right to bid at a figure they're not prepared to sell at ... and it's made often through the auctioneer,’’Fletcher said.

New Zealand’s Real Estate Institute shares Fletcher’s view.

Real estate agents "are entitled’’ to made vendor bids, says REINZ president Rex Hadley. "A judge is entitled to his opinion, but it’s not dishonest. The conditions of an auction are read out to the public prior to a public auction,’’ he says. "I can’t have it at all that it’s underhand.’’

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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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