tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, July 16th, 11:04AM

Mortgages

Mortgage Rates Daily Commentary
Monday 15 July 2024  Add your comment
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]

 

rss
Latest Headlines

Lenders get out the shears

Mortgage rates have been tumbling in recent days, with many lenders cutting their short-term rates late last week and early this.

Tuesday, February 13th 2001, 11:55AM

by Paul McBeth

Mortgage rates have been tumbling in recent days, with many lenders cutting their short-term rates late last week and early this. Most one-year fixed rates cluster around 7.15 to 7.40 per cent, but there are a few higher as well as a bunch of lenders sticking their necks out with aggressive 6.95 to 6.99 per cent offers.

That compares with one-year rates mostly ranging between 7.30 and 7.60 per cent just a fortnight ago. Three-year rates have also been falling, from a bank rate of 8.25 per cent before Christmas to 7.3 per cent now.

The next review of official interest rates - the OCR - is due in four weeks' time and Bank of New Zealand Chief Economist Tony Alexander is tipping a cut from 6.50 per cent to 6.25 per cent, with a similar cut in May.

That's likely to help the floating mortgage rates down, with a drop of around 0.5 per cent expected by mid year.

Any OCR cuts should also provide a boost to the housing market, which may well remain relatively subdued until the second half of the year. And there's no doubt that 2000 was a stinker, with a drop of 16.8 per cent on 1999 in the number of houses sold and the lowest annual total for about seven years.

Building permit numbers were also down, 24.1 per cent on 1999 and, again, the lowest annual total in many years. Meanwhile, average house prices were slightly lower last year (although certain regions such as Wellington continued to boom).

For 2001, well, there's some positive news on the housing front. The NZIER survey of architects run before Christmas showed a net 20 per cent expected to see more residential work over this year and wages growth is also expected to pick up.

However, the BNZ's Alexander points out that, overlying all these positives, is the decline in people's willingness to invest in housing. The December quarter WestpacTrust McDermott Miller survey found that only a net 0.8 per cent of people would invest a $5,000 windfall in real estate - and that's a record low.

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

« Online bids for home loansWizard expands »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
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

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com