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Last Article Uploaded: Monday, June 27th, 8:22PM
Mortgage Rates Daily Commentary
Monday 27 June 2016  Add your comment
Finally some rate changes to report

The impact of Brexit on New Zealand home loan rates is a little unclear at the moment with conflicting initial views. Swap rates came back after the result was known which indicates there maybe some cuts in rates, however one economist suggested rates may rise. We will have more on this later.

We do, for the first time in nearly two-weeks have a number of changes which may also indicate some other changes are coming. Whether these changes are Brexit-related is unclear.

SBS is cutting its six-month rate 24 points, but raising its one-year rate 15 basis points.

Sovereign will be cutting its floating rate to 5.75% on Wednesday. This change would also suggest that ASB, Bank Direct and NZ Home Loans will all follow suit.

Meanwhile, AMP says its one-year mortgage rate is to be cut by 10 basis points to 4.19%. Its two-year rate is rising by 14 points to 4.29%.

To see all the changes and how they compare you will have to go to the full rates table today [GO THERE]

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Ombudsman sees few mortgage broker complaints

While mortgage brokers are debating the need for formal regulation of their industry, banking ombudsman Liz Brown’s experience suggests it may not be necessary.

Thursday, August 23rd 2001, 3:26PM

by Jenny Ruth

"We do get the occasional complaint … if anything, there’s been slightly fewer recently," Brown says.

Currently, mortgage brokers aren't covered by any form of regulatory control and anyone can call themselves a broker. They are estimated to account for about 25% of mortgages being written today. Only about half the brokers operating in the market belong to the Mortgage Brokers Association.

Brown says her office is aware that more and more people are arranging their mortgages through brokers, even though their complaints usually have nothing to do with the involvement of a mortgage broker.

Brown says she suspects a lot of the less successful brokers who were the cause of many complaints have now dropped out of the industry.

Of the complaints she does receive, it’s often difficult to tell who is responsible for the problem, the mortgage broker or the bank providing the mortgage, Brown says.

But when the problem is clearly the mortgage broker’s responsibility, the banking ombudsman has no jurisdiction to do anything about it.

« Banks become regulatorsBank economists all over the place »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.64 4.75 4.85 4.99
ANZ Special - 4.25 4.35 -
ASB Bank 5.55 4.69 4.75 4.89
ASB Bank Special - 4.25 4.19 4.39
BankDirect 5.55 4.69 4.75 4.89
BankDirect Special - 4.25 4.19 4.39
BNZ - Mortgage One 6.30 - - -
BNZ - Rapid Repay 5.75 - - -
BNZ - Special - 4.25 4.19 4.39
BNZ - Std, FlyBuys 5.69 4.85 4.89 4.99
BNZ - TotalMoney 5.69 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.85 4.99
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.45 4.70 4.75 4.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.50 - - -
Kiwibank Special - 4.29 4.15 -
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.85 4.69 4.75 4.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 ▲4.19 4.39
Perpetual Trust 7.70 - - -
Resimac 5.34 4.95 4.99 5.05
SBS Bank 5.59 4.75 4.89 4.99
SBS Bank Special - 4.10 4.19 4.65
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 4.19 4.39
The Co-operative Bank 5.45 4.25 4.29 4.49
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.75 4.69 4.75 4.89

Last updated: 27 June 2016 9:00am

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