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Mortgage Rates Daily Commentary
Friday 21 November 2014  Add your comment
BNZ takes axes to three-year rates

BNZ has made big cuts to its three-year rate taking it down to 5.85% on its Standard and Global Plus products. While it is not tagged as a Special low equity premium rates will apply to loans where the equity is less than 20%.

To see how it compares (and who has a sharper rate check out the table where it is sorted lowest to highest on three year rates here).

As reported yesterday Kiwibank has stopped lending in the low equity space. Here's the story and more to follow.

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Resimac offers special launch rates

Australian non-bank lender Resimac has officiaily launched in New Zealand and is offering special rates to announce its arrival.

Friday, November 9th 2012, 9:30AM

by Philip Macalister

At a launch function in Auckland yesterday Resimac chief operating officer Allan Savins said that Resimac plans to be aggressive in the market and take on the banks.

He says that Resimac "is a genuine alternative to the mainstream banks."

"New Zealand consumers will benefit from increased competition, not market domination."

Resimac's launch specials include a standard variable rate of 5.55% and a one-year fixed rate of 4.95%. These standard products require a loan to value ratio of  less than 80%. Its lo-doc variable rate is 5.95% with a maximum LVR of 70%.

Resimac is one of the biggest non-bank lenders in Australian and continued to lend during the global financial crisis.

It's business model uses securitisation to fund loans, and it has managed in continue to do this recent years. Its latest securitisation proramme was over-subscribed 

It bought the NZF Home Loans business and in the past few months has been running a pilot programme with selected mortgage advisory firms to test its process and products.

Resimac joins Sovereign as lenders who pay mortgage advisers upfront and trail commissions on home loans.

Broker feedback to the NZ Mortgage Magazine shows that Resimac's lo-doc loans have been popular.

The lender also offers specialist, or non-conforming, loans in Australia and expects to bring similar products to New Zealand in the future.

"We have a strong desire to evolve new products in 2013," Savins said.

 

 

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« LVR limits off the table (for now)Bank profits not as big as reported: BNZ »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 6.15 6.39 6.49
ANZ Special - 5.69 5.75 6.09
ASB Bank 6.75 ▼5.99 ▼6.19 ▼6.39
ASB Bank Special - 5.70 5.75 ▼5.99
BankDirect 6.75 ▼5.99 ▼6.19 ▼6.39
BankDirect Special - 5.70 5.75 ▼5.99
BNZ - Classic - 5.69 5.75 -
BNZ - GlobalPlus 6.74 5.89 6.19 ▼5.85
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 ▼5.85
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.74 5.99
HBS Special - 5.59 5.49 5.69
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 5.69 5.75 5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.39 - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 ▼5.69 6.19 ▼6.55
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.75 ▼5.89
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 6.10 6.28 6.43
SBS Bank 6.65 5.69 5.74 5.99
SBS Bank Special - 5.59 5.49 5.69
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 ▼5.99 ▼6.19 ▼6.39
Sovereign Special - 5.70 5.75 ▼5.99
The Co-operative Bank 6.70 5.70 5.75 6.09
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - - ▼5.99
Median 6.70 5.99 6.19 6.34

Last updated: 21 November 2014 8:56am

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