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Mortgage Rates Daily Commentary
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Westpac moves to cut turnaround times; OCR on hold

At the TMM Better Business Conference this week, Westpac unveiled plans to cut turnaround times and overhaul the mortgage approval process. Find out more: [READ ON].

The OCR was kept on hold yesterday, but wholesale interest rates shot up. No mortgage rate changes from the banks yet. Here's how market rates are shaping up.

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PSIS starts using more brokers to sell its home loans

PSIS has signed up mortgage broking aggregator Allied Mortgage Brokers (AMBL) to sell its home loan products through its member brokers.

Wednesday, March 3rd 2004, 7:00AM

by Jenny Ruth

This follows just over a year of a trial program in the Wellington region using only two groups of brokers, Approved Mortgage Brokers and Property Pack.

PSIS chief executive Girol Karacaoglu says his company will also continue selling through its trial partners, but that it isn’t ready to sign up with other broker organisations yet.

"We’re gradually expanding the network. In our case, the issue is the capacity to use a wider network without disappointing the brokers as well as the ultimate customers," he says.

"One of the key differentiating factors we have is approving or declining a particular application within a couple of hours. The issue with us is whether we can maintain that service while expanding," Karacaoglu says.

AMBL has about 150 accredited member brokers nationwide. "We have chosen to work with AMBL because they have high quality accreditation criteria that must be met.

Their accredited AMBL brokers are also members of the New Zealand Mortgage Brokers Association. This provides our customers and PSIS an assurance of high levels of service, knowledge and ethical standards," Karacaoglu says.

AMBL business development manager Brent David says the agreement with PSIS means his members will have access to a greater range of choice.

Karacaoglu says the percentage of home loans PSIS is currently writing through mortgage brokers is still small at less than 10% of total lending, although it should grow over time.

« Housing market still strongInvestment property loans aren't so risky: S&P »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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