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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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Spring sparse on specials

Spring mortgage deals have been thinner on the ground than usual, although there are still some specials being advertised.

Thursday, October 14th 1999, 12:00AM

by Paul McBeth

Spring mortgage deals have been thinner on the ground than usual, although there are still some specials being advertised.

Lindsay Hore, mortgage broker for Forsyth Barr, said that at this time of year lenders were like spring lambs - "all happy and fluffy" - and rolling out the offers for homebuyers. However, he said there hadn't been as much biting for business this season.

"In past years, there has been a lot more on offer. I wonder whether the lenders are thinking, why bother, if there's not lots of market share to be had."

According to the Real Estate Institute, the usual spring surge in the housing market just didn't happen this year, with potential homebuyers cautious ahead of the election and warned off by higher interest rates.

Special deals so far this spring have included:

  • Bank of New Zealand's offer of "rates from 5.5 per cent for the first three months" (the current floating rate is 6.5 per cent). You need to take out a mortgage for at least a year, loans must be approved before November 1 and then drawn down by December 17.
  • ASB Bank's prize draw for $250,000. You qualify if you already have a mortgage with the bank or take one out by November 19. Hugh Burrett, ASB's general manager sales and service, said the prize draw added a bit of sizzle to the springtime. "It seems to work for us. It raises awareness and interest, and gets people in the door."
  • National Bank's "WonderRate" of 5.95 per cent on its flexible home loan (a revolving credit product), compared with its current floating rate mortgage is at 6.50 per cent. The bank is also pushing its offer of borrowing as much as 95 per cent of the value of your home (with a minimum loan of $50,000). A spokeswoman said the aim was to position the National Bank in the market as "being more accessible".

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

« Fixed rates continue to firmHome affordability remains stable »

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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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