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Mortgage Rates Daily Commentary
Monday 22 May 2017  Add your comment
No changes, so what's the best rate?

There continues to be very few changes to home loan rates at the moment. What's the best option currently?
Here's what Westpac said in today's economic update: "For borrowers with a deposit of 20% or more, the best value lies in the two-year rate or shorter terms. Three to five-year rates seem high relative to where we think short-term rates are going to go over that time. That said, these rates are most likely to be pressured higher by global market trends, so borrowers who prefer the security of a longer term still have a chance to lock in at historically quite low levels."

Here is the two-year rates from lowest to highest.

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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
Variable rates now range from Napier Building Society’s 7.50% to the NZ Mortgage Income Trust which is the highest at 8.95%.

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

« Most of Westpac's changes acceptedNew boss aims high for Pioneer »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.99 5.35 5.59
ANZ Special - 4.49 4.85 -
ASB Bank 5.80 4.85 5.14 5.49
ASB Bank Special - 4.45 4.74 5.09
BankDirect 5.80 4.85 5.14 5.49
BankDirect Special - 4.45 4.74 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.10 5.25 -
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
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.99 5.14 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.70 5.09 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.70 - - -
Kiwibank Special - 4.69 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.00 4.86 4.75 5.30
Lender Flt 1yr 2yr 3yr
SBS Bank 5.79 4.99 5.19 5.49
SBS Bank Special - 4.59 4.79 5.25
Sovereign 5.90 4.85 5.14 5.49
Sovereign Special - 4.45 4.74 5.09
The Co-operative Bank - Owner Occ 5.75 4.59 4.85 5.25
The Co-operative Bank - Standard 5.75 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.84 4.99 5.29 5.59
Westpac - Capped rates - 5.15 5.25 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.84 - - -
Westpac Special - 4.59 4.85 5.09
Median 5.80 4.85 5.14 5.38

Last updated: 19 May 2017 9:26am

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