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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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Subdued outlook for rental market

Increasing enthusiasm for investing in residential rental properties could prove to be ill-founded.

Thursday, September 2nd 1999, 12:00AM

by Paul McBeth

Increasing enthusiasm for investing in residential rental properties could prove to be ill-founded.
The latest ASB Bank Quarterly Housing Report, released this week, says the outlook for the rental market remains subdued. While rent levels have been easing, there's now data to suggest that the downward pressure has slackened off.
"However, even over the longer term, the prospects for both rent increases and capital gain are significantly less than they were in a high inflation (and in Auckland, high population growth) environment," the report states.

"Consequently, the emphasis on capital gain will continue to reduce, while careful property selection will become more important."
Yet ASB Bank's latest investor confidence survey (which covered the June quarter), found that confidence in residential rental property as an investment has overtaken confidence in managed investments.
In the survey's 12-month history, managed investments have either led or equalled the stakes in response to the question "what type of investment gives the best return?" However, the latest survey showed residential rental property ahead for the first time at 20 per cent, compared with managed investments at 19 per cent.

The bank's table below gives a broad idea of regional differences in investor returns, showing the ratio of median rentals to house prices in selected cities along with average, annual house price gains (inflation-adjusted) during the last nine years.

  Median weekly rental Median house price Ratio: rental to house price Annual house price growth
North Auckland $250 $274,000 0.9 3.1
Central Auckland $250 $289,000 0.9 5.6
Hamilton $180 $176,000 1.0 2.9
Porirua City $170 $175,000 1.0 0.4
Wellington City $240 $240,000 1.0 2.5
Dunedin $145 $99,000 1.5 0.3
Invercargill $110 $68,000 1.6 -1.0
Table prepared by ASB Bank, using weekly rental data from Tenancy Services as at June quarter 1999, median house price data from Quotable Value as at June quarter 1999 and house price growth from Quotable Value House Price Index ( average, real annual gain for period 1990-1999).


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

« Firmer house prices likely, although confidence is downMore slimming tips for your mortgage »

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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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