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Mortgage Rates Daily Commentary
Friday 21 November 2014  Add your comment
BNZ takes axes to three-year rates

BNZ has made big cuts to its three-year rate taking it down to 5.85% on its Standard and Global Plus products. While it is not tagged as a Special low equity premium rates will apply to loans where the equity is less than 20%.

To see how it compares (and who has a sharper rate check out the table where it is sorted lowest to highest on three year rates here).

As reported yesterday Kiwibank has stopped lending in the low equity space. Here's the story and more to follow.

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House prices bounce

The median house price bounced back strongly in October after September’s alarms, as did activity, although not quite back to August’s levels.

Thursday, November 15th 2001, 9:20PM

by Jenny Ruth

The August figures were the first to show an unambiguously stronger market following winter weakness in June and July.

The median house price rose from $173,000 in September to $179,000 in October which was also better than the August price of $176,000, Real Estate Institute figures show.

The number of homes sold rose from 5,604 worth $1.17 billion in September to 6,666 worth $1.44 billion in October. That was still behind the 6,976 worth $1.45 billion sold in August.

Particularly after Wednesday’s move by the Reserve Bank to cut interest rates, the Real Estate Institute is keen to focus on the positives.

Institute president Rex Hadley focuses on the year-on-year figures which show the number of homes sold rose from just 4,887 worth $980.3 million in October last year and that the median house price rose from $170,500 last October.

"Such a high level of improvement over last year’s sales volume bodes well for the residential housing market," Hadley says.

"Interest rates are now at the lowest level seen in many years and this creates a huge opportunity for both existing homeowners and New Zealanders wanting to buy their first homes," he says.

The Reserve Bank cut its official cash rate, which directly influences variable mortgage rates and indirectly affects longer-term rates, from 5.25% to 4.75% on Wednesday.

Banks quickly matched this by cutting mortgage rates across the board to historically low levels. WestpacTrust was one of the first off the mark, offering a five-year fixed rate of 6.99%, the lowest five-year rate ever offered by a major New Zealand bank while ANZ Bank is offering 4.95% for a six month fixed rate loan.

The institute’s figures show that of the 11 regions measured, activity improved in all compared with October last year and in all but two compared with September. The odd ones out were Northland, where sales fell from 162 in September to 151 in October, and Taranaki, where sales fell from 139 to 132.

The median price figures were more ambiguous. Compared with September, prices rose in six of the 11 regions and fell in the other five. Compared with October last year, prices rose in five regions, fell in five and were unchanged in Taranaki.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE
COMPARISONS FOR OCTOBER 2000-2001

REGION OCT 00 SEPT 01 OCT 01
Northland

155,500

135,000

160,000

Auckland

233,000

249,000

258,000

Waikato/BOP/Gisborne

155,000

158,000

163,500

Hawkes Bay

135,500

132,500

130,000

Manawatu/Wanganui

112,000

107,000

105,000

Taranaki

100,000

105,000

100,000

Wellington

190,000

185,000

195,000

Nelson/Marlborough

149,500

150,000

147,000

Canterbury/Westland

142,500

142,000

141,000

Otago

95,500

92,500

110,500

Southland

90,000

83,000

89,000

NZ Total

$170,500

$173,000

$179,000


« Reserve Bank cuts OCR to 4.75%Stats bode well for Auckland housing: Trass »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 6.15 6.39 6.49
ANZ Special - 5.69 5.75 6.09
ASB Bank 6.75 5.99 6.19 6.39
ASB Bank Special - 5.70 5.75 5.99
BankDirect 6.75 5.99 6.19 6.39
BankDirect Special - 5.70 5.75 5.99
BNZ - Classic - 5.69 5.75 -
BNZ - GlobalPlus 6.74 5.89 6.19 ▼5.85
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 ▼5.85
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 5.69 5.74 5.99
HBS Special - 5.59 5.49 5.69
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 ▼5.69 6.19 ▼6.55
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.75 ▼5.89
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 6.10 6.28 6.43
SBS Bank 6.65 5.69 5.74 5.99
SBS Bank Special - 5.59 5.49 5.69
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - 5.70 5.75 5.99
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 - - - ▼5.99
Median 6.70 5.99 6.19 6.34

Last updated: 21 November 2014 8:56am

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