Home loan rate weekly report
Another week of many changes. As expected lenders kept bumping up their floating rates by 25 basis points in response to the latest increase in the OCR by the Reserve Bank.
Monday, September 27th 2004, 6:40AM
In reality the range of floating rates is quite compressed if you take out the outliers who are not exactly the giants of the home loan market. Looking at it this way the major trading banks are all at the top, or near the top, of the table with rates of 8.60% (Westpac) and 8.50% for the others. At the low end is Kiwibank with 8.00% and NZ Mortgage Funds on 7.95%.
The action is in the one and two year fixed rate markets.
The most significant change during the week was that Westpac, which tends to have higher rates than all its competitors, dropped its six month, one year and two year rates to 7.75%. This brings it into line with all the other banks.
Westpac also made changes to its capped rates, putting one up, one down and leaving one the same.
A feature of the rates at the moment is that all the main lenders have their rates from six months out to three years set at the same rate; 7.75%. ANZ even extends that rate right out to five years.
One year rates now range from a low of 7.25% (PSIS and Loan Plan) to 8.55% (GEM Home Loans) and two year rates range from 7.40% (BNZ and Bank Direct) to 8.45% (GEM). To see all the rates Click here
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