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Mortgages
Mortgage Rates Daily Commentary
Thursday 2 May 2024  Add your comment
Adviser's share of BNZ's new lending dipped; Mortgage arrears up and still rising slowly

Mortgage advisers accounted for slightly less of Bank of New Zealand's new mortgages in the six months ended March compared with the previous September half year , but adviser share of the overall portfolio continues to grow. [READ ON]

Mortgage arrears continue to climb from recent lows and are expected to rise 0.7% by the end of the year, up from 0.5%, the Reserve Bank’s latest Financial Stability Report shows. [Find out]

 

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Home loan market changes

A raft of changes in home loan rates in the past fortnight have changed the shape of the competitive market and the yield curve.

Saturday, May 24th 2008, 5:14PM
Good Returns has started compiling some series of graphs showing how the various groups are positioned against each other.

The three groups we have are:

  • Big banks: ANZ, ASB, BNZ, National and Westpac
  • Second tier banks: Kiwibank, Bank Direct, Kiwbank and HSBC
  • Non-bank lenders: Cairns Lockie, Sovereign, Pioneer, Wizard and PSIS.
The graph below shows the median rates for each of these groups over standard terms. The key points are that big bank floating rates are significantly higher than the other two groups, while non-bank lenders struggle to compete at the long end of the curve with five year rates.

Recent economic news and competitive activity have "bent" the yield curve and put one and two year rates below longer term rates. Also it shows that the big banks have become very competitive in this space having the lowest median one year rates, while it sits between the other two groups for all the other fixed rate terms.

« Floating up, fixing downNew owners for Wizard? »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 6.65
ANZ 8.64 ▼7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼7.14 6.79 6.65
ASB Bank 8.64 7.24 6.75 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.29 6.59
SBS Bank Special - 7.24 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 ▼7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 ▼6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.27 7.29 6.65

Last updated: 3 May 2024 9:11am

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