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Mortgages

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No hurry for house prices

While a Government housing strategy to be released later this year is being billed as helping low income families buy homes in increasingly difficult times, there's little sign that house prices are bolting away this year.

Sunday, March 4th 2001, 4:29PM

While a Government housing strategy to be released later this year is being billed as helping low income families buy homes in increasingly difficult times, there's little sign that house prices are bolting away this year.

Housing Minister Mark Gosche said last week that a ten-year housing strategy was being prepared by the Government and would include a number of proposals including mortgage assistance for low income families. Although the Government stopped state house sales and introduced income-related rents last year, he said that the aim wasn't to end up with more people renting than living in their own homes.

Gosche expressed concern that it would become increasing difficult for home-buyers as prices become prohibitive in cities such as Auckland.

However, ASB Bank's housing report for the December quarter (released last week) points out that while there's been a recent improvement in housing activity, that doesn't mean another housing boom lies ahead.

"Consumer debt levels remain high, the need to save will be an ongoing issue, population growth is slow and a lack of supply will clearly not be a problem as it was in the mid '90s."

The ASB Bank report advises against taking the median house price as a guide to changes in the value of houses. It says that impacting on the lower end of the market during much of last year was economic uncertainty, high interest rates and an absence of investor activity.

"During the last few years, investors have gone elsewhere in search of higher returns, reflecting an absence of capital gain and concerns over the impact of rents of the Government's housing policy. This has included an increasing move into offshore sharemarkets.

"With the outlook for both rentals and house prices being subdued, this diversification of savings into other asset types is expected to continue."

While the effects on the market of the Government's proposed housing strategy are clearly speculation at this point, there are some effects flowing through from its recent policy changes on state housing rentals. The bank says that residential property investors are continuing to stay clear of low-priced homes and, in particular, of areas with a concentration of state housing rental properties.

"Recent falls in state sector rents are expected to have a downward impact on private sector rents at that lower end of the market."

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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 7.45 7.05 6.85
ANZ 8.64 ▼7.84 ▼7.39 ▼7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼7.24 ▼6.79 ▼6.65
ASB Bank 8.64 ▼7.29 ▼6.85 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 - 7.29 6.85 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 7.89 7.45 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 - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
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 6.69 6.45 6.19
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 4 March 2024 9:31am

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