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Last Article Uploaded: Thursday, March 11th, 3:12PM
Mortgage Rates Daily Commentary
Thursday 11 March 2010

Reserve Bank of New Zealand Governor Alan Bollard kept the Official Cash Rate unchanged at 2.5%, as expected, and reiterated a mid-year start to rate hikes, saying the subdued pace of recovery will restrain inflation.

 

 

 

 

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Bollard sticking to the script

Reserve Bank governor Alan Bollard stuck to the script in leaving interest rates unchanged and indicating he may start hiking about the middle of the year.

Thursday, March 11th, 9:56AM

Bollard left his official cash rate (OCR), which helps determine floating mortgage rates and influences fixed rates, unchanged at a historically low 2.5% where it has sat since April last year.

"The chorus was set in January. It's not a particularly exciting song and they're just repeating the chorus," says Brendan O'Donovan, chief economist at Westpac.

The message is the economy is recovering but it's weaker than previous recoveries and, because of the depth of the hole the economy fell into, there's plenty of spare capacity and little inflation, O'Donovan says...MORE»

OCR unchanged, mid-year hike reiterated

Thursday, March 11th, 9:01AM

Reserve Bank of New Zealand Governor Alan Bollard kept the Official Cash Rate unchanged at 2.5%, as expected, and reiterated a mid-year start to rate hikes, saying the subdued pace of recovery will restrain inflation.

MORE»

FULL SPEECH: OCR unchanged

Thursday, March 11th, 9:00AM

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5%.

MORE»

 

Previous News

Market looks to Bollard for guidance on interest rates

Sunday, March 7th, 9:59PM

Softer than expected inflation, retail sales and employment data and signs the housing market recovery has stalled will likely mean Reserve Bank governor Alan Bollard leaves interest rates unchanged on Thursday and he will reiterate the first rate hike is likely about mid-year.

MORE»

TSB's profit surges, mortgage book grows

Tuesday, March 2nd, 9:23AM

TSB Bank's December quarter net profit surged and its mortgage book continued to grow strongly.

MORE»

ANZ's profit rises but mortgage book stalls

Friday, February 26th, 4:10PM

ANZ Bank reported net profit surged in the December quarter although its mortgage book was barely changed.

MORE»

Wespac's mortgage book gallops but profit falls

Friday, February 26th, 1:49PM

Westpac's New Zealand subsidiary's mortgage book galloped away in the December quarter, growing much faster than its market share and at nearly double the rate of the previous quarter.

MORE»

Tax credit boosts BNZ profits despite underlying profit drop

Thursday, February 25th, 2:57PM

Bank of New Zealand's December quarter net profit rose, thanks to a tax credit as a result of its settlement with the Inland Revenue Department over its structured finance transactions.

MORE»

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt.

1yr

2yr

3yr

5yr


n/a n/a n/a n/a n/a
AMP Home Loans
6.29 6.25 7.20 7.99 8.75
AMP Home Loans $200k +
6.19 6.15 7.10 7.89 8.65
ANZ 5.69 6.20 7.25 7.75 8.49
ASB Bank
5.75 6.25 7.55 7.95 8.50
BankDirect
5.75 6.25 7.55 7.95 8.50
BNZ - Classic (T&C apply)
n/a n/a n/a n/a n/a
BNZ - GlobalPlus
5.99 6.35 7.30 8.05 8.85
BNZ - Mortgage One
6.40 n/a n/a n/a n/a
BNZ - Rapid Repay
5.99 n/a n/a n/a n/a
BNZ - TotalMoney
5.59 n/a n/a n/a n/a
BNZ- Std, FlyBuys
5.99 6.25 7.20 7.95 8.75
Cairns Lockie 6.75 6.40 7.45 8.19 8.85
CBS Canterbury
6.45 6.55 7.45 8.25 8.85
Credit Union Baywide
5.85 6.40 7.70 8.10 n/a
Credit Union North
6.25 6.35 7.30 8.10 n/a
eMortgage 6.75 6.40 7.45 8.19 8.85
Fidelity Life
6.35 5.90 7.05 n/a n/a
First Credit Union
6.99 n/a n/a n/a n/a
General Finance
6.75 6.40 7.45 8.19 8.85
Global Home Loans
7.99 n/a n/a n/a n/a
HBS
6.49 6.25 7.20 7.99 8.75
Housing Corp
5.75 6.20 7.20 7.80 8.65
HSBC Premier
6.30 5.99 6.99 7.69 7.99
Kiwibank 5.65 6.25 7.20 7.79 8.50
Moorhouse Mortgages
9.95 8.75 9.20 9.75 n/a
Napier Building Society
6.00 6.25 7.00 n/a n/a
National Bank
5.75 6.15 7.20 7.79 8.50
Nelson Building Society
6.95 6.55 7.55 n/a n/a
No.8 Mortgages 9.95 8.55 8.70 9.40 n/a
NZ Home Loans
5.85 6.40 7.70 8.10 8.65
NZF
6.95 6.65 7.65 8.25 8.90
Perpetual Trust
7.45 n/a n/a n/a n/a
PSIS 5.75 6.15 7.15 7.80 n/a
Public Trust
6.20 6.15 7.20 7.90 8.60
SBS Bank
5.90 6.29 7.30 7.90 8.75
Silver Fern
5.85 6.50 7.50 8.20 8.75
Southern Cross 6.95 6.10 7.10 7.80 n/a
Sovereign 5.85 6.40 7.70 8.10 8.65
TSB Bank 5.99 6.20 7.15 7.80 8.65
Wairarapa Building Society
6.45 6.25 7.40 n/a n/a
Westpac
6.29 6.25 7.20 7.79 8.69
Westpac - Capped rates
n/a 6.55 n/a n/a n/a
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