tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, February 26th, 6:34PM

Mortgages

Mortgage Rates Daily Commentary
Monday 26 February 2024  Add your comment
[OCR forecasts] RBNZ piloting a plane without knowing how hot the engine is running

Economists are divided on whether the Reserve Bank will lift the OCR or leave it at 5.5% at its review on Wednesday. [READ ON]

rss
Latest Headlines

Lenders more than just tweaking their rates

The past month has seen a significant, across the board, drop in home loan rates.

Sunday, May 18th 2003, 11:17PM
Floating and fixed mortgage interest rates eased significantly in the past month after the Reserve Bank cut its Official Cash Rate 25 basis points to 5.50%.

Real Estate Institute of New Zealand national president, Graeme Woodley says that most lending institutions reduced their one to three year fixed rates in the month ending May 10.

Thirteen of the 18 institutions surveyed by the institute dropped their fixed rates between 0.14% and 0.66%, with most fixed rates dropping by 0.25%.

Floating rates experienced a similar degree of easing, the vast majority of floating rates on offer falling by 0.20 to 0.26%.

"The majority of lenders dropped both their fixed and floating rates over the last 30 days, an encouraging sign for New Zealand home owners. In particular the average rate for floating mortgages has eased significantly."

Woodley says that compared to last month, where the easing of rates constituted ‘tweaking’ by most of the institutions, the rate changes across both banking and non-banking institutions were significant.

“Some rates lowered by as much as 0.86%, however generally the degree of movement was between 0.25 and 0.35%. This is much more significant than the 0.10 to 0.25% range in the month to April 10.”

“Prior to this month’s survey, movement in rates appeared to represent merely a realignment of rates between institutions. In the latest figures, we have begun to see a degree of movement that delivers tangible benefit to homeowners. For example, in the 30 days to April 10, two-year fixed rates ranged from 6.75 and 7.10%. The latest survey shows that range has eased by 0.25 to 0.30%, to now range between 6.50 and 6.80%.” To see a full list of rates go to Good Returns Mortgage Rates page here.

« Property Pack Auckland are mortgage peopleTop houses still selling quickly »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
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 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 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: 26 February 2024 9:10am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com