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Mortgage Rates Daily Commentary
Wednesday 11 December 2024  Add your comment
Meaningful difference seen as coming from Kiwibank’s capital raise; Profit for specialist lenders falls again

Starting with institutional investment and an eventual IPO is an excellent start for turning Kiwibank into a meaningful disruptor, David Cunningham Squirrel Mortgages chief executive says. [READ ON]

For the second year in a row profit for non-bank lenders has fallen. [Check out what KPMG says]

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Boom takes a toll on confidence

The housing boom is taking its toll on housing confidence, pushing it to a record low in the September quarter.

Tuesday, October 14th 2003, 10:03PM

by Jenny Ruth

ASB Bank’s latest survey shows only a net 2% of New Zealanders now think it’s a good time to buy a house. That’s made up of 35% who think this is a good time to buy almost cancelled out by the 33% who think it’s a bad time.

Nevertheless, ASB chief economist Anthony Byett doesn’t think this is signalling the end of the boom.

"People are acknowledging that house prices are now more expensive, but that alone will not stop the current housing boom," Byett says.

The average nation-wide house price rose about 25% between June 2001 and June 2003 but Kiwis have continued to buy and they still expect prices to increase.

The survey found a net 42% still expect house prices to rise further, although that’s down from 54% in the June quarter.

"A housing downturn may be on the horizon but it is unlikely to arrive any time soon. Housing turnover in recent months has been strong for the time of year and there is little sign of any slowdown," Byett says.

While the housing cycle has reached a riskier stage, population growth remains strong and housing is still more affordable than it was in the mid-1990s. While the average house price has risen 26% since late 1997, the average household income is up more than 20% and interest rates are down 30%.

The survey found only 5% expect interest rates will rise, the same as in the June quarter.

"There is still a shortage of supply of houses and keenness amongst investors to buy houses and any response to interest rates by the Reserve Bank is likely to be slow," Byett says.

« Mortgage brokers looks to Australia for ideasNZMBA opposed to Kiwibank scheme »

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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 ▼7.39 ▼5.79 ▼5.59 ▼5.69
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 ▼6.69 ▼6.49 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 ▼5.79 ▼5.59 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 - ▼5.89 ▼5.49 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 ▼4.89 - -
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 5.79 5.69 5.69

Last updated: 12 December 2024 9:22am

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