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Mortgage Rates Daily Commentary
Thursday 13 August 2020  Add your comment
Mortgage deferrals to be extended as Reserve Bank tries to push down rates

The Reserve Bank, retail banks, and government have agreed in principle to extend the mortgage deferral programme, according to RBNZ governor Adrian Orr: [READ ON]

The OCR was on hold yesterday but the government wants to push down mortgage rates with further quantitative easing. Economists say negative rates are now a real possibility after the latest Covid outbreak: [READ ON]

 

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New apartments drive housing consents up

A record number of new apartment approvals in July drove overall housing consents to be 62% above the level recorded in July last year.

Wednesday, August 28th 2002, 9:31PM

by Jenny Ruth

There were 2,738 new homes approved in July compared with 1,864 in June and 1,690 in July last year.

Statistics New Zealand says the level of approvals is now similar to that recorded in September 1999 – in that month the actual number of approvals was 2,6,33. It says the trend in housing approvals have been increasing at the average rate of 1.9% a month each month since November 2000.

There were 686 apartments approved in July, up from 183 in June and 194 in July last year.

Statistics New Zealand says all regions except the West Coast saw an increase in approvals compared with July last year.

The Auckland housing market, which in the past has occupied a large spot in the Reserve Bank’s inflation fears, appears particularly buoyant. It accounted for 47% of July’s consents.

Nevertheless, the record level of activity can’t last, says Darren Gibbs, senior economist at Deutsche Bank. "Based on past relationships with house sales, the trend rise in dwelling consents should continue for a month or two yet before beginning to moderate," he says, noting that house sales have declined about 10% in the past three months.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.45 2.99 3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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