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Mortgages

Mortgage Rates Daily Commentary
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Distance between inflation and RBNZ’s target narrows; SBS rates change

All eyes this week will be on the Consumer Price Index data in the wake of the Reserve Bank’s slight change in mood on when interest rates will come down. [READ ON]

SBS has cut its 6 Months Lending rates, effective Saturday, 13 July 2024 [See here]

 

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OCR unchanged, floating rates stable

Floating mortgages are looking comfortable at current levels after the Reserve Bank decided to leave its interest rates unchanged.

Wednesday, September 29th 1999, 12:00AM

by Paul McBeth

Floating mortgages are looking comfortable at current levels after the Reserve Bank decided to leave its interest rates unchanged.

Today was the review date of the RB's Official Cash Rate (OCR) and, as expected, it's remained at 4.5 per cent. However, market-watchers have already switched their focus to the next review on November 17 - just ten days before the election - when the OCR may yet increase and drag floating rates with it.

What's clouding the picture is last week's shock announcement of economic shrinkage, as GDP figures dropped 0.3 per cent over the June quarter. The Reserve Bank was expecting growth of 0.5 per cent and most private sector predictions averaged a similar amount.

That means the jury's now out on whether the RB will boost the OCR in November, as it had signalled, or decide that the economy's too wobbly at the knees and leave it alone. The bank had said at its last review that lifting rates by the end of the year was "increasingly likely", as inflationary pressures were stronger than it had expected.

At the time, the RB's revised outlook was criticised by a number of economists who said it needed to build confidence in what was still a new regime. BNZ chief economist Tony Alexander called the change "astounding" and "a clear signal that the RB remains as volatile an implementer of monetary policy now as they have always been".

Following the rotten GDP figures, the bank's now been called on to leave the OCR alone rather than kill off any fledging economic growth. So holders of floating mortgages could be off the hook... for the meantime.

Earlier stories:

Last OCR review
BNZ lifts interest rate predictions

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

« It's spring...time to prune back your loanPressure mounts to leave rates alone »

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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: 15 July 2024 11:47am

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