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Mortgages

Mortgage Rates Daily Commentary
Thursday 2 May 2024  Add your comment
Adviser's share of BNZ's new lending dipped; Mortgage arrears up and still rising slowly

Mortgage advisers accounted for slightly less of Bank of New Zealand's new mortgages in the six months ended March compared with the previous September half year , but adviser share of the overall portfolio continues to grow. [READ ON]

Mortgage arrears continue to climb from recent lows and are expected to rise 0.7% by the end of the year, up from 0.5%, the Reserve Bank’s latest Financial Stability Report shows. [Find out]

 

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Online loan service goes live

Hunting for a home loan takes a new twist this week, as E-LOAN rolls out its online loan service for New Zealand borrowers.

Sunday, June 18th 2000, 12:00AM

by Paul McBeth

Hunting for a home loan takes a new twist this week, as E-LOAN rolls out its online loan service for New Zealand borrowers.

Bruce Gordon, chief executive of E-LOAN New Zealand, says that launch date is Thursday for the free service. Borrowers can use the site as a kind of virtual mortgage broker, where they can compare mortgage products and then go right through the loan application and settlement process. The online service will be supported by loan consultants via phone and email, while loan applications will be transmitted on the Internet using 128-bit encryption.

Gordon says that 19 mortgage lenders have agreements with E-LOAN to sell through the service when it launches. That includes the four largest banks as well as a range of emerging banks and specialist home lending companies.

He claims that those lenders combined represent about nine out of every ten dollars currently borrowed for residential loans.

"The response has been outstanding from them all. I think that they really believe in the comparative service we're offering the market," Gordon says.

"Relative to New Zealand, it's a unique service and we believe we're effectively forging the territory for comparative shopping for financial services online."

E-LOAN says the New Zealand home loan market is estimated at around $60 billion, with some $15 billion in loan turnover each year (ie people refinancing with another lender). While the company has kicked off its business here with home loans, it also plans to add other financial services over the next six to 12 months such as personal loans, car loans and credit card applications.

Previous story on E-LOAN

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 7.24 6.75 6.65
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 7.24 6.75 6.65
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 - 7.24 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 7.84 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.29 6.59
SBS Bank Special - 7.24 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 ▼7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
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 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.27 7.29 6.65

Last updated: 3 May 2024 9:11am

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