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Mortgage Rates Daily Commentary
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Mortgage rates inch lower

Last week ended with more rate cuts. HSBC came out with rates at 4.49% (see here).

At the end of the day the ASB group of lenders also made cuts. Their key change is that it has matched the 4.69% which BNZ and Westpac have, but are using it on its one-year fixed rate rather than the two-year term.

 

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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
ANZ 6.24 5.10 5.59 5.59
ANZ Special - 4.89 4.99 -
ASB Bank 6.50 ▼5.05 ▼5.25 ▼5.35
ASB Bank Special - ▼4.69 ▼4.89 ▼4.99
BankDirect 6.50 ▼5.05 ▼5.25 ▼5.35
BankDirect Special - ▼4.69 ▼4.89 ▼4.99
BNZ - Mortgage One 6.65 - - -
BNZ - Rapid Repay 6.24 - - -
BNZ - Special - - 4.69 -
BNZ - Std, FlyBuys 6.24 5.19 5.39 5.29
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 ▼4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - ▼4.49 ▼4.49 ▼4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.35 ▼5.05 ▼5.25 ▼5.35
Sovereign Special - ▼4.69 ▼4.89 ▼4.99
The Co-operative Bank 6.20 4.89 ▼4.79 ▼4.99
TSB Bank 6.24 5.45 5.49 5.40
TSB Special - - 4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.15 5.39 5.39 5.59
Westpac - Capped rates - ▼6.15 ▼6.15 -
Westpac - Offset 6.15 - - -
Westpac Special - - ▼4.69 -
Median 6.45 5.19 5.39 5.39

Last updated: 5 August 2015 7:33am

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