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Kiwibank takes knife to one-year rate

Kiwibank has taken 20 basis points off its one-year fixed rate to bring it down to 5.79%. See how it compares here where we have sorted the table from lowest to highest one-year rate.

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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 ▼5.79 6.39 6.65
AMP Home Loans $200k+ 7.14 ▼5.69 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
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
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.19
HBS Special - - - 5.89
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 5.95 5.95 ▼6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 ▼5.79 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty 5.64 - - -
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 ▲6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
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 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

Last updated: 22 September 2014 9:11am

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