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Last Article Uploaded: Monday, September 22nd, 10:10PM
Mortgage Rates Daily Commentary
Monday 22 September 2014  Add your comment
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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LVR restrictions a significant change: ASB

Loan-to-value speed limits, if implemented as the Reserve Bank has indicated, would present quite a step change for any bank, says ASB chief executive Barbara Chapman.

Wednesday, August 14th 2013, 4:38PM

ASB has announced a record net profit after tax (NPAT) of $705 million for the year ended June 30.  The cash NPAT was $699 million, 12% up on the previous year.

ASB grew lending in the year to June by $4.724 billion, or 9%, to $57.726 billion, and deposits by $2.314 billion, or 6%, to $41.289 billion.

Profit was boosted by an interest rate margin lift from 2.16% to 2.25%.

But Chapman said that was not an indication that customers were not pushing as hard as they had previously for cheaper interest rates. “It’s still very competitive.”

She said changes to banks’ core funding ratios had eroded margins, which had since returned to normal. The cost of liquid assets had also dropped. But she said more people were now taking fixed interest rates, which had less of a margin in them for the bank.

“The trend is back to fixing. Customers think at some stage interest rates must rise. We think that’s probably not until the first quarter of next year but customers are being cautious.”

She said the bank was waiting to see what the final loan-to-value speed limit would be, but the 12% the Reserve Bank had indicated would be a significant change.

ASB’s lending growth had been partly driven by a renewed focus on customer service and  good performance from Sovereign home loans, offered through a third-party network.

The bank also reported 22% growth in its wealth and insurance businesses.

Chapman said the integrated wealth and insurance team was focussed on developing simple, innovative products for customers.  “We have further developed our private wealth offering and consolidated our position as New Zealand’s largest bancassurance provider.”

She said insurance was often a cross-sell across other products, so when there was strong growth in lending there was also growth in other products. Video phones in branches that allowed customers to communicate with insurance specialists had worked well, she said.

Although ASB has the Sovereign channel with advisers, she said the bank would continue to take a proprietary approach to insurance distribution. “The thing about insurance is that it’s often linked to other things, to bring the conversation together is beneficial.”

« LVR restrictions at odds with Government: EaqubCycle 'may be only half-way through' »

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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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