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Mortgages

Mortgage Rates Daily Commentary
Thursday 5 December 2024  Add your comment
Bank of mum and dad alive and well; Danger OCR might need to be hiked in 2026

Nearly one in three parents of children wanting to buy their first home can afford to help them with their mortgages. [READ ON]

Potential mortgage borrowers might need to get their new homes of investment properties in the next year as Westpac says there is a risk the RBNZ might cut the OCR too far and start raising rates again in 2026. [See here]

 

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RBNZ cuts rate

The Reserve Bank today reduced the Official Cash Rate from 5.75% to 5.50%.

Thursday, April 24th 2003, 10:15AM
The Reserve Bank today reduced the Official Cash Rate from 5.75% to 5.50%.

Reserve Bank Governor Alan Bollard commented "In January this year, we said that if the exchange rate remained unchanged or appreciated further, and if the evidence pointed to reduced pressures on resources and medium-term inflation, then there might be scope for a cut in the OCR later in the year. In our judgement, these conditions have now been met.

"The available data suggest that growth in the New Zealand economy is slowing as we projected in our March 2003 Monetary Policy Statement. A weak international economy is now being reflected in softer activity in New Zealand's tradable sector. The domestic economy remains relatively robust, especially in the housing market. However, the weaker tradable sector is expected to feed through into reduced domestic demand elsewhere in the economy, as exporters' incomes decline.

"With the passage of time, we are now more confident that inflationary pressures will ease, which is the basis of today's decision. This should not be interpreted as the Bank now having a more pessimistic view of the New Zealand economy, but rather as a consequence of our earlier expectations being confirmed.

"While the economy is progressing as expected, recent dry conditions in some parts of the country, potential electricity shortages and the SARS virus add additional downside risks to the economic outlook, though at this stage we do not expect a large enduring economic impact.

"The Policy Targets Agreement, signed in September last year, requires the Bank to avoid `unnecessary instability in output, interest rates and the exchange rate'. Based on this, we have been prepared to adjust interest rates a little faster in response to the unfolding evidence of a slowdown. However, any future easings will depend on the evidence still suggesting that inflation will settle comfortably within the target range over the medium term."

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.97 5.75 5.69

Last updated: 6 December 2024 9:11am

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