GoodReturns.co.nz - Mortgage News

Kiwibank matches most of the market with across the board mortgage rates

The government-owned Kiwibank, who kicked off the latest mortgage rate war last month with a one-year fixed "special" on the same day Reserve Bank governor Alan Bollard opened the door to a possible official cash rate (OCR) cut, has belatedly matched most of the rest of the market's across the board cuts.

Why aren't the banks cutting their floating mortgage rates?

The banks are competing fiercely over fixed-rate mortgages but none have cut their floating rates.

ASB joins rate cutters

ASB Bank has joined a number of other banks in cutting fixed-term mortgage rates, slashing its one, two and three-year rates.

BNZ tickles interest in fixed rates

Highlighting the intense competition building up in the mortgage market, BNZ has slashed its 18-month fixed “Classic” mortgage rate to 5.10% “for a limited time.”

ANZ National sharpens rate for Chch borrowers

Hard on the heels of slashing its one-year fixed mortgage rate nationally, ANZ National Bank has launched a 4.55% one-year fixed rate for Christchurch residents and committed to lend up to $500 million as part of a package of measure aimed at supporting the residential rebuild in the quake devastated city.

BNZ says it's winning market share in deposits and mortgages

BNZ says it's winning market share in both deposits and mortgages.

ANZ slashes its one-year fixed mortgage rate to 5.25%

ANZ Bank has slashed its one-year fixed mortgage rate to 5.25% from 5.65% citing "a window for cheaper longer-term wholesale interest rates that ANZ is taking advantage of and we're passing this on to customers."

Reserve Bank guesses at reasons for dramatic slowdown of credit growth

Only about half the dramatic slowdown in credit growth since 2007 can be explained by the slowdown in house sales, the Reserve Bank says in its latest Financial Stability Report.

SBS cuts longer term home loan rates

SBS and its sister HBS have taken market leading positions with medium and long term fixed home loan rates.

Riley's new home

Mike Pero Mortgages chief executive Shaun Riley says last week's rumours he has resigned were correct and he will depart the company in July.

ANZ National streamlines its mortgage application process

ANZ National Bank has been working on streamlining its mortgage application process to make it easier and quicker for customers.

Where is Pero's boss?

Mortgage broking circles have been buzzing with rumours Mike Pero Mortgages chief executive Shaun Riley has resigned.

Westpac mortage portfolio grew 1% to $35.4b in six months ended March

Westpac says its New Zealand mortgage portfolio grew 1% to $35.4 billion in the six months ended March compared to the 0.7% growth in mortgages held by New Zealand banks overall.

Credit growth ticks up, floating rate mortgages rise in March

Credit growth growth ticked up marginally in March and the popularity of floating rate mortgages showed no sign of waning, the latest Reserve Bank figures show.

NZF Group's assets remain frozen

NZF Group's assets remain frozen after the receivers of its former finance company convinced the High Court they have an arguable case against NZF and there is a serious risk of NZF's assets being dissipated.

Kiwibank slashes one-year fixed mortgage rate to 4.99%

Hot on the heels of Reserve Bank governor Alan Bollard opening the door to a possible interest rate cut, government-owned Kiwibank has slashed its one-year fixed mortgage rate to just 4.99%.

Floating mortgage rates unlikely to rise this year and may even fall

The chances of floating mortgage rates rising this year remain remote and they might even fall if the New Zealand dollar remains so strong.

The rate remains the same

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.50%.

Resimac unlikely to be affected by NZF Group's woes

The legal action against NZF Group is unlikely to affect Australian non-bank lender Resimac which bought 80% of the former's subsidiary, NZF Homeloans, late last year, other than by association.

HSBC suffers ballooning bad debt charges, mortgage book shrinks

The smallest of New Zealand's home lending banks, HSBC, posted a $3.6 million loss for the December quarter due to ballooning charges for bad loan and its mortgage book shrank.

Credit growth minimal again in February

Credit growth remained minimal again in February with mortgage lending falling from January's levels, the latest Reserve Bank figures show.

Rod Templeton to leave Mortgage Link, won't be replaced

Mortgage Link chief executive Rod Templeton is leaving the company in April after eight years at the helm and won't be replaced in what is clearly a cost-cutting measure.

Banks rely on Aussie generosity

The Australian government is propping up New Zealand's big banks' credit ratings but our own government isn't quite so supportive, according to Standard & Poor's.

To fix, float or take a third option?

Westpac chief economist Dominck Stephens looks at the fixed v floating debate and says there are three sides to the argument.

D Day looms for NZMBA

Thursday is likely to mark a major turning point for the mortgage broker industry in New Zealand.

HSBC offers lowest one year rate in a decade

HSBC Premier has announced it is dropping its one year fixed interest rate by 36 basis points to 5.29%, the lowest rate offered by a New Zealand bank in at least a decade.

Rising funding costs aren't hurting NZ banks: RBNZ

Rising wholesale funding costs obviously aren't hurting New Zealand banks because they have been lowering their fixed rate mortgages, said Jason Wong, head of financial markets intelligence at the Reserve Bank.

Floating mortgage rate rise remote

The chances floating mortgage rates will rise this year just became more remote as Reserve Bank governor Alan Bollard held his official cash rate (OCR) steady.

RBNZ: OCR statement

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

Mortgage approvals growing but nowhere near boom levels

Mortgage approvals data is showing an increasing number of home loans being approved but nowhere near to the extent implied by credit reporting agency Veda Advantage's latest figures.

Mortgage applications top pre-GFC/recession levels

New Zealanders are applying for mortgages in greater numbers than at any time in the last seven years.

Sluggish mortgage growth prompts aggressive loosening of lending standards

Sluggish growth in net mortgage lending appears to be driving some of the major banks to compete by aggressively loosening their credit criteria with ASB Bank leading the charge even as its mortgage book continues to shrink.

Bollard likely to hold interest rates steady

Delays to Canterbury's rebuild, diminishing inflation pressures and the strength of the New Zealand dollar mean Reserve Bank governor Alan Bollard will probably keep interest rates steady this week and for much, if not all, of this year.

Time to fix: Westpac

Westpac says people should fix their home loan rates as there is little to be gained in staying on floating rates. It views two- to four-year fixed mortgage rates as currently being the best value for borrowers.

ASB's mortgage book shrinks for a seventh successive quarter

Commonwealth Bank of Australia-owned ASB Bank's mortgage book shrank for a seventh successive quarter in the three months ended December although profit rose strongly.

Westpac's Dec Qtr profit surges but mortgage lending slows to a trickle

The loan-to-valuation ratio table in the bank's latest disclosure statement shows its mortgage book grew just $29 million to $35 billion in the three months ended December.

ANZ's mortgage book continues to shrink

ANZ Bank's profit rose strongly in the December quarter but its mortgage book shrank for a third successive quarter.

TSB's mortgage book stalls, SBS's book shrinks

TSB Bank's profit jumped but its mortgage book barely budged in the December quarter as customers tried to reduce debt and competitors ramped up incentives to attract borrowers.

Co-operative Bank's Dec Qtr profit falls, mortgage book grows

The Co-operative Bank's December quarter profit fell 34.6%, partly reflecting the costs of becoming a bank, while its mortgage book grew at about the same rate as its market share.

Kiwibank near quadruples 2Q profit, mortgage book grew

Kiwibank's second quarter profit near quadrupled and its mortgage book continued to grow strongly, albeit at a slower pace than the previous two quarters.