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Last Article Uploaded: Tuesday, January 24th, 1:50PM
Mortgage Rates Daily Commentary
Monday 23 January 2017  Add your comment
A pleasant surprise

While everyone is busy raising mortgage rates one bank has done the opposite. SBS has lowered its one-year rate to 4.19% which makes it the lowest standard rate on offer in the market at the moment. HSBC sits alongside it here, however it has more conditions on its offer.

To see how the battle for short-term rates stacks up click here.

While SBS did lower a rate it also raised some of its longer ones.

Also moving today is Sovereign which has increased its variable rate as well as six months, one year and 18 month rates.

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ANZ woos mortgage brokers with $300 service promise

ANZ Bank is making a special effort to attract business from mortgage brokers by offering to pay them $300 if they don’t get an answer on any loan application within 24 hours, as long as that loan is subsequently drawn down.

Friday, December 7th 2001, 9:55AM

by Jenny Ruth

"ANZ is committed to providing top quality service to both you and you customers," the bank says in its advice to brokers. "Our service proposition has substantially improved and we would like you to experience it." The $300 promise lasts until the end of the year.

Head of mortgage distribution Brian Robb says the bank has "upgraded our focus in this area," with measures that include having designated sales managers to deal with broker inquiries.

"We’re definitely keen on attracting more broker business," Robb says.

ANZ already has a customer charter which promises a 48 hour turn around on mortgage applications. "If we’re really serious about it, we have to look to raise the benchmark continuously."

Robb says the bank has substantially changed its processes "and how we interact in certain areas" to ensure it can meet the 24 hour-commitment and its internal target is substantially less than 24 hours.

So, how much has ANZ had to fork out on the promise so far? "It’s too early to say, but we don’t plan on paying off anybody," Robb says.

« Economist sees potential housing boomKiwi home ownership levels sink »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ ▲5.69 ▲4.95 ▲5.25 ▲5.49
ANZ Special - ▲4.45 ▲4.75 -
ASB Bank ▲5.80 ▲4.99 5.19 5.49
ASB Bank Special - ▲4.59 4.79 5.09
BankDirect ▲5.80 ▲4.99 5.19 5.49
BankDirect Special - ▲4.59 4.79 5.09
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.49 4.79 5.09
BNZ - Std, FlyBuys 5.79 4.89 5.19 5.49
BNZ - TotalMoney 5.64 - - -
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 - - - -
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 5.59 ▲4.75 ▲4.90 ▲5.20
HSBC Premier 5.59 4.19 4.39 4.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.40 4.80 ▲5.05 ▲5.35
Kiwibank - Capped - - - -
Kiwibank - Offset 5.40 - - -
Kiwibank Special - 4.35 ▲4.65 ▲5.05
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.99 5.25 -
NZ Home Loans 5.65 4.80 ▲5.05 ▲5.35
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.35 ▲4.65 ▲5.05
Perpetual Trust 7.70 - - -
Resimac 5.30 4.86 4.94 5.15
SBS Bank 5.54 4.75 4.95 5.29
SBS Bank Special - ▼4.19 ▲4.54 ▲4.95
Sovereign ▲5.90 ▲4.99 5.19 5.49
Sovereign Special - ▲4.59 4.79 5.09
The Co-operative Bank - Owner Occ ▲5.55 ▲4.45 ▲4.75 ▲5.05
The Co-operative Bank - Standard ▲5.55 ▲4.95 ▲5.25 ▲5.55
TSB Bank 5.54 4.75 4.79 4.99
TSB Special - 4.25 4.49 4.69
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.65 4.89 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.49 4.79 5.09
Median 5.69 4.78 4.92 5.12

Last updated: 24 January 2017 9:42am

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