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Mortgage Rates Daily Commentary
Wednesday 29 March 2017  Add your comment
SBS raises floating rate

SBS Bank has raised its floating rate to 5.79%. This change is effective immediately for new loans and comes into effect for existing loans in a month's time.

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NZMBA complains about BNZ campaign

The New Zealand Mortgage Brokers’ Association has complained to the Commerce Commission about the Bank of New Zealand’s anti-broker campaign.

Thursday, September 30th 2004, 6:06AM

by Jenny Ruth

"The grounds were we believe the advertising is misleading in as much as that it implies that they offer a rate because they don’t use brokers," says NZMBA chairman Geoff Bawden.

"It implies it’s a better rate or a better deal than what might be obtained by a broker which we believe is misleading," Bawden says.

In April, BNZ started its high profile campaign using the logo: "We’ve cut out brokers to give you a great home loan deal."

Most banks pay upfront commissions between 0.6% and 0.8% of the total loan amount and many pay on-going trailer commissions on top of that. Other sales channels also have their costs such as branch networks and staff salaries.

"I think it’s quite a dangerous exercise to chose one fixed rate (BNZ was aggressively promoting a two-year fixed rate) in the market and to say you can offer a better rate because you’ve cut out brokers," Bawden says.

All sorts of other factors, other than the interest rate charged, come into play to decide what the best deal available is, he says.

BNZ’s two-year rate hasn’t always been the lowest two-year rate available in New Zealand and the other banks are known to have matched its rate.

« New boss aims high for PioneerSelect your own rate home loan »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.89 5.29 5.49
ANZ Special - 4.49 4.79 -
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 6.50 - - -
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 4.99 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
Heretaunga Building Society ▲5.75 ▲5.00 ▲5.20 -
Housing NZ Corp 5.65 4.89 5.19 5.49
HSBC Premier 5.59 4.19 4.39 4.89
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.55 4.99 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.55 - - -
Kiwibank Special - 4.59 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
NZ Home Loans 5.80 4.99 5.19 5.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.59 4.79 5.09
Resimac 5.30 4.86 4.94 5.30
SBS Bank ▲5.79 4.99 5.19 5.49
SBS Bank Special - 4.59 4.79 5.25
Sovereign 5.90 4.99 5.19 5.49
Sovereign Special - 4.59 4.79 5.09
The Co-operative Bank - Owner Occ 5.65 4.59 4.85 5.25
The Co-operative Bank - Standard 5.65 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 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.99 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.59 4.79 5.09
Median 5.79 4.88 5.17 5.38

Last updated: 29 March 2017 8:42am

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