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Mortgages

Mortgage Rates Daily Commentary
Thursday 11 July 2024  Add your comment
One bank cuts home loan rates

Westpac has cut three of its home loan terms between 10 and 25 basis points.

The biggest cut is to its one-year rate which is down to 6.89% and 7.49% for its Special and Standard rates respectively.

To see how it stacks up against other lenders check our table here where we have sorted on lowest to highest one-year rate.

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Home affordability strikes new record

Lower house prices and continued low interest rates have combined to make New Zealand homes the most affordable they've been in the last decade.

Monday, July 12th 1999, 12:00AM

by Paul McBeth

Lower house prices and continued low interest rates have combined to make New Zealand homes the most affordable they've been in the last decade.
AMP's home mortgage affordability survey, recently completed for the June quarter, shows that houses are 42.8 per cent more affordable than they were a year ago. All 11 regions measured improved in affordability, with Auckland and Southland still the least and most affordable regions respectively.
However, AMP/Ergo Managing Director Robyn Clubb noted that longer term interest rates were starting to rise and this could make it harder to afford a home. "AMP/Ergo urges those buying to combine both floating and fixed rates to maximise flexibility in their loans."

Highlights of the latest report include (see table below for regional details):
  • AMP's home affordability index improved 1.9 per cent over the June quarter to 15.99 for New Zealand overall.
  • The improvement was helped by a fall in median house prices, which were down 1.3 per cent over the June quarter in spite of increased house sales.
  • Just three regions have become less affordable than they were in the March quarter: Northland, Nelson and Waikato/Bay of Plenty. Each of these also recorded a lift in their median house prices during the quarter.
  • Compared with a year ago, Otago has shown the strongest gain in affordability (48.3 per cent), followed by Nelson (45.3 per cent) and Auckland (45 per cent).
Massey University's Real Estate Analysis Unit prepares a quarterly report on this index for AMP, combining regional statistics on average weekly earnings, mortgage interest rates and housing prices to create a measure of home affordability.
The regions, in order from most to least affordable (the lower the index figure, the more affordable the housing) are:
REGION Current index:
June quarter
Improvement over last 12 months
Southland 7.20 36.0%
Otago 8.85 48.3%
Taranaki 9.19 39.6%
Manawatu/Wanganui 11.04 39.7%
Hawkes Bay 13.30 39.3%
Canterbury/Westland 13.94 44.7%
Nelson 14.54 45.3%
Wellington 15.05 43.2%
Northland 15.82 41.0%
Waikato/Bay of Plenty 15.98 41.7%
Auckland 20.77 45.0%
 

Paul is a staff writer for Good Returns based in Wellington.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 11 July 2024 1:26pm

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