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Last Article Uploaded: Monday, September 26th, 7:39PM
Mortgage Rates Daily Commentary
Monday 26 September 2016  Add your comment
All quiet on the rates front; Enjoy the low rates

It continues to be extremely quiet on the rate change front and it looks like this will be the norm for some time. The Reserve Bank left the OCR unchanged at its announcement last week and it seems while there is likely to be at least one more cut either later this year or early next year it's unlikely to be passed onto bank customers - in full at least. Enjoy these low rates while they are here. 

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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.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.59 4.75 4.79 4.99
ANZ Special - 4.25 4.29 -
ASB Bank 5.55 4.69 4.75 4.89
ASB Bank Special - 4.25 4.29 4.34
BankDirect 5.55 4.69 4.75 4.89
BankDirect Special - 4.25 4.29 4.34
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.29 4.29 4.49
BNZ - Std, FlyBuys 5.64 4.85 4.89 4.99
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 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 4.75 4.89
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - 3.79 -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.25 4.70 4.75 4.29
Kiwibank - Capped - - - -
Kiwibank - Offset 5.25 - - -
Kiwibank Special - 4.19 4.19 -
Liberty 5.69 - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.45 4.69 4.75 4.75
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 4.19 4.29
Perpetual Trust 7.70 - - -
Resimac 5.19 4.94 4.90 4.91
SBS Bank 5.54 4.75 4.89 4.99
SBS Bank Special - 4.25 4.15 4.55
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 4.29 4.34
The Co-operative Bank 5.45 4.25 4.35 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 5.65 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.65 4.69 4.75 4.89

Last updated: 26 September 2016 9:58am

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