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Last Article Uploaded: Wednesday, July 8th, 12:49PM

Mortgages

Mortgage Rates Daily Commentary
Wednesday 8 July 2020  Add your comment
Another round of rate cuts. ANZ takes the lead

ANZ has taken pole position in the home loan rate market cutting some rates to the lowest on offer.

It now leads the one-year fixed rate term with a 2.55% Special rate. Interestingly enough the changes made varied between its standard and special rates.

Only the 18-month and three year standard rates were cut, by 30 and 46 basis points respectively. However, all the terms from six months to three-years were cut for its so-called Special rates. These cuts ranged from six basis points to 56 basis points.

To see how these changes stack up check out our rates table here which is sorted on lowest to highest on the one-year term.  

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Advertising the key

Consumers' Institute boss David Russell gives his reasons why banks can take such fat margins on floating rate home loans.

Friday, August 30th 2002, 6:28AM

by Jenny Ruth

The reason the five major banks have been able to maintain such fat profit margins on their floating rate mortgages comes down to the power of advertising, says Consumers Institute chief executive David Russell.

That’s despite the many competitors offering significantly lower rates.

"The major advertising for mortgages comes from the banks. The only conclusion we can draw is that they’re doing very nicely," Russell says.

All five of the major banks have lowered their floating rates since the Reserve Bank left interest rates unchanged earlier this month, but their profit margins remain at the extreme upper limit of their usual 150 to 200 basis points above the 90-day bank bill rate.

Four of the five now have 7.85% floating rates and National Bank’s is 7.8% while the 90-day bank bills are trading at 5.87%. By contrast, the government’s Kiwibank’s floating rate is 6.95%.

Russell says the next magazine will contain the results of a large survey of customer satisfaction and will also include comments on bank fees, although not specifically related to mortgages.

« New apartments drive housing consents upCredit crunch looming »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
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 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.65 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 8 July 2020 8:57am

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