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Mortgage Rates Daily Commentary
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Sharpening rates for Spring

Westpac has shaved 15 basis points off its standard and Special three-year fixed rates making them the most competitive of the main banks. They are only outdone by HSBC.

See how three-year rates stack up here.

This follows on ASB taking a leading position in the one-year fixed term recently.

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NBNZ calls for further rate cuts

The National Bank is calling for the Reserve Bank to cut interest rates further in the wake of its latest monthly survey which shows business confidence halved from March.

Monday, April 30th 2001, 12:40PM

by Jenny Ruth

The National Bank is calling for the Reserve Bank to cut interest rates further in the wake of its latest monthly survey which shows business confidence halved from March.

A net 17% of businesses now expect general business conditions to improve over the next 12 months, down from 30% at the end of March.

Chief economist Brendan O’Donovan attributes the decline to global growth jitters.

The outcome isn’t as bad as the Institute of Economic Research’s quarterly survey published earlier this month which showed confidence slumping from positive 31% to a net 2% negative.

Nevertheless, `the direction and fragility of confidence is clear,’ O’Donovan says.

`The Reserve Bank has been handed the (losing) trifecta of weakening global growth, deteriorating business confidence and modest inflation,’ he says.

While the central bank has responded by cutting rates, `more work has to be done.’

Another looming problem domestically is that drought conditions over much of the country will dampen the demand stimulus from the strong recovery in rural incomes over the past year.

`We’ll be getting a skim milk rather than full cream version of the agricultural sector in the coming year,’ O’Donovan says.

The survey’s inflation indicators should also provide the Reserve Bank with comfort to continue to reduce interest rates, he says. `Firms’ pricing intentions and inflation expectations continue to ease.’

The central bank has lowered its official cash rate from 6.5% to 6% in two 25 basis point moves so far this year.

« Floating rates sink while fixed rates riseBank margins trimmed: KPMG »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 5.05 5.19 5.49
ANZ Special - 4.55 4.69 4.99
ASB Bank 5.80 4.75 4.99 5.29
ASB Bank Special - 4.39 4.69 4.99
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.69 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.29 5.59
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.75 4.99 5.29
HSBC Premier 5.79 4.19 4.29 4.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.95 5.15 5.59
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.55 4.65 5.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special 5.00 - 4.75 -
SBS Bank 5.89 4.99 5.19 5.59
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.59 4.69 5.09
Sovereign 5.90 4.75 4.99 5.29
Sovereign Special - 4.39 4.69 4.99
The Co-operative Bank - Owner Occ 5.75 4.55 4.69 4.99
The Co-operative Bank - Standard 5.75 5.05 5.19 5.49
TSB Bank 5.80 4.80 5.15 5.45
TSB Special - 4.55 4.69 4.99
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.19 5.44
Westpac - Capped rates - 5.26 5.36 -
Westpac - Offset 5.95 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 4.59 4.74 4.94
Median 5.82 4.78 4.99 5.29

Last updated: 20 October 2017 6:24pm

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