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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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Housing consents bounced back in October

The latest residential building consent figures showed a marked bounce-back in October from September’ lows, although, as with sales of existing houses, not quite to August’s levels.

Tuesday, November 27th 2001, 8:19PM

by Jenny Ruth

The unadjusted figures show new housing consents rose from 1,678 worth $267.6 million in September to 1,931 worth 299.8 million in October. That compared with 2,020 worth $301.4 million in August.

Nevertheless, the October consents were nearly 22% higher than the 1,585 worth $231.5 million approved in October last year.

Statistics New Zealand says that after declining since late 1999, the trend in housing consent numbers has been rising since January this year, but the number of consents each month is still significantly lower than in 1999.

"The actual number of new dwellings has mostly ranged between 1,600 and 1,900 units since March 2001, whereas in 1999 the number was regularly over 2,000," it says.

Consent numbers rose in 10 of the 16 regions Statistics New Zealand measures compared with October last year. In particular, the 847 consents in the Auckland region were the highest since May 2000.

The number of apartment consents jumped sharply from 163 worth $17.8 million in September to 253 worth $21.8 million in October. That’s still well down on the 444 worth $34.8 million approved in August but well above the 169 worth $16.9 million approved in October last year.

In the year ended October, there were 19,533 new dwellings worth $3.53 billion approved, down from 21,261 worth $3.64 billion in the previous year.

The number of apartments approved in the latest year was 2,434 worth $210.4 million, down from 2,792 worth $240.2 million in the previous year.

« Jacking up prices is rife at the momentNew Zealanders borrowed more in October »

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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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