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Mortgages

Mortgage Rates Daily Commentary
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Rates rises slowed in November

Wednesday, December 3rd 2003, 8:40AM
Rates increased consistently this month. The latest mortgage interest rate survey conducted by Good Returns, showed that the frequency of increases slowed only as lenders held their collective breath for the Reserve Bank's OCR announcement later this week.

Another interesting development this month was new variations to their lending products offered by some banks. For example, Westpac has withdrawn its 30 month rate and replaced it with an 18 month one set at 6.99%, while the BNZ announced a three year fixed rate of 7.60% with the first three months at 3.99%.

The survey showed that fixed rates for the month of November increased by up to 0.7%.

Six month fixed mortgage rates showed significant movement (one lender increased its six month fixed rate by 0.7%) particularly from some of the banks that have held the lowest rates.

As at 31 October the range of one year fixed mortgage rates was 6.25 - 7.54% compared with 6.15% to 7.32% at 31 October

Last month many lenders offered a 2 year fixed rate at 7.10%. This month 15 lenders offered the same loan at 7.4%. The range of 2 year rates as at 30 November 7.10 - 7.93% compared with 6.5 and 7.77% last month. The graph illustrates the convergence by some lenders.

Three year rates increased by up to 0.5% last month - showing another trend this month with the rate of the increases itself increasing. 3 year fixed rates now range from 7.20% - 8.30% as compared with 6.70% - 8.02% last month.

Even floating rates were impacted this month with two lenders increasing their rates. The lowest floating rate on offer as at 30 November was 6.55%: the highest floating rate was 7.95 per cent. The highest rate for November is 0.7% higher than that offered at the end of Octocber.

Five year fixed interest rates now range from 7.6 - 8.29%.

Good Returns and The New Zealand Mortgage Magazine editor Philip Macalister said that he expects the plateau in rates to be broken as soon as the Reserve Bank has made its announcement. "Economists are divided over whether the Reserve Bank will increase its Official Cash Rate (OCR) from 5% this week" he says, "but all say it will happen soon. In which case we can only expect mortgage rates to stay on the up and up."

As at November 30, four and five year rates ranged between 7.5 - 8.29% per cent.

« Experts divided on this week's OCR announcementRBNZ leaves cash rate unchanged »

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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 7.95 7.65 7.45
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: 23 February 2024 11:59am

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