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Mortgages

Mortgage Rates Daily Commentary
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Hard times not easing much for mortgage borrowers; BNZ Fixed housing rate change effective today

Mortgage arrears have risen for the third consecutive month and are higher than last year's levels, according to figures from the credit bureau Centrix. [READ ON]

BNZ is updating their Fixed Housing rates today [See here]

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Winter finally hits housing market

Winter at last had an impact on the housing market in June, although the dampening was mild by any standard.

Monday, July 21st 2003, 10:37PM

by Jenny Ruth

The national median house price was unchanged at May’s record $210,000 but the number of homes sold declined from 11,158 in May to 9,790 in June.

That was still well ahead of the 9,047 houses sold in April and it was also well ahead of the 7,486 houses sold in June last year.

The national median price was 14.1% higher than the $184,000 level reached in June last year.

"The seasonal softening was to be expected," says real Estate Institute president Graeme Woodley. He says low interest rates and the prospect that they will fall even further next week when the Reserve Bank reviews its official cash rate should continue to underpin the residential market, he says.

In the key Auckland market, the median house price was unchanged in June from May at $289,000 although the number of sales fell from 4,005 in May to 3,579 in June. That was still well up on the 2,657 Auckland homes which sold in June last year.

Woodley says it is "instructive" that Auckland’s median price has held up "in the face of huge apartment developments and sales."

Elsewhere in the country, the median house price rose in six of the 11 regions in June compared with May while it fell in the other four, but it was up in all regions compared with June last year. Similarly, the number of sales fell in all regions but Manawatu/Wanganui in June compared with May, but was ahead in all regions compared with June last year.

While there were marked falls in the median house price in regions such as Wellington, down from $235,000 in May to $220,500 in June, and Hawkes Bay, down from $ 163,050 in May to $150,000 in June, "I suspect this is a seasonal issue rather than a sign of falling market confidence," Woodley says.

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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 9.60 - - -
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 ▼7.99 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 5.65 5.55 5.55
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 5.95 6.09 -
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 6.49 6.49
TSB Special ▼7.39 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
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 5.99 5.79 5.69

Last updated: 3 December 2024 9:25am

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