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Last Article Uploaded: Tuesday, June 28th, 11:42AM
Mortgage Rates Daily Commentary
Tuesday 28 June 2016  Add your comment
Special rate rise; OCR cut now more likely; New RB data on loans

BNZ has today tweaked its three-year special, adding 10 basis points to the price.

Mortgage lending was up again in May and nearly half of it was in interest only loans, the Reserve Bank’s new, more detailed lending data reveals. [READ ON]

It’s early days yet but economists agree that Brexit has upped the odds for the Reserve Bank to cut the OCR in August. [READ ON]

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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 5.64 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 ▲4.49
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: 28 June 2016 8:41am

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