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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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Firmer house prices likely, although confidence is down

House prices should firm around five per cent next year, according to the latest ASB Bank Quarterly Housing Report out today.

Monday, August 30th 1999, 12:00AM

by Paul McBeth

House prices should firm around five per cent next year, although confidence in the residential property market generally has eased back in recent months.
In the ASB Bank's latest Quarterly Housing Report, economist Rozanna Wozniak predicts a small price rise thanks to growing confidence in a sustained economic recovery. However, that's been offset by the likelihood of further interest rate rises.
Wozniak expects a small rise in floating rates before the end of the year and further rises doing 2000 and 2001. She says that long-term fixed rates have already anticipated future rises, so that floating and short-term fixed rates are likely to bear the brunt of any further moves.

Interest rates remain the main driving force behind confidence, while election related concerns are only creating a mood of caution rather than pessimism at this stage.
The ASB report found that:
  • Home buying confidence has fallen back slightly since earlier in the year. However, two thirds of those surveyed still thought it was a good time to buy and just seven per cent thought it was a bad time.
  • House price expectations have improved. A net 34 per cent thought prices would rise in the next year, up from 27 per cent the previous quarter.
  • Christchurch is now the most optimistic of the three main centres (overtaking Auckland), while confidence weakened in Auckland and Wellington.
  • The bank also tried to find out whether people had used lower interest rates as an opportunity to repay debt, but said that "overall, the results were not encouraging". It questioned respondents who had mortgages in the middle of last year (when rates were falling) and found:
  • Seventy per cent left the terms of their mortgage unchanged
  • Twenty nine per cent decided to change the terms of their mortgage. Of those, only 33 per cent reduced the term of their loan.
  • "Consumer lending data also suggests that New Zealanders' appetites for increasing debt has reduced significantly. The rate of growth in lending to households has decreased from the levels of several years ago.
    "However, at 9.5 per cent during the year ended June, the rate of growth remains strong."

    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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