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Mortgages

Mortgage Rates Daily Commentary
Thursday 28 March 2024  Add your comment
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Home loan rates keep rising

Changes to home loan interest rates last week support the view coming through in the opinion polls there is growing pessimism about the economy.

Monday, March 21st 2005, 7:52AM

Or put another way the Reserve Bank’s goal of slowing the economy may be starting to work.

During the past week there have been a raft of changes to interest rates.

A common theme is that floating, or variable, rate mortgages continue to increase on the back of the Reserve Bank’s recent announcement.

Since that announcement on March 10 all the major trading banks have increased their floating rate to 9% - the only exception being Westpac which is at 9.05%.

Not all the smaller banks have moved – those yet to go include: Bank Direct, HSBC, Superbank and TSB Bank.

The majority of floating rates currently fall in a range from 8.20% to 9.05%. (There are a couple of small lenders outside this range).

The other key theme during the week has been the growing number of lenders that have increased their fixed rates.

Again sticking with the banks, we have seen ASB, National, and Westpac increase their most of their fixed rates.

The only fixed rate to remain unchanged has been the two-year rate, which is where BNZ is waging its price war.

An example of the changes are Westpac’s increases which are effective from 5pm today (Monday). It is increasing its six-month, three, four and five year rates by 30 basis points each to 8.10%.

In the two-year market BNZ has said that it will extend its Unbeatable campaign from a closing date of April 8 until the end of the month.

The only changes in the two-year market during the week have been three non-bank lenders, AXA, NZ Mortgage Funds and United Home Loans which increased their rates to 8.05%, 8.64% and 7.95% respectively.

Have any rates gone down in the past week? No.

What’s the best deal at the moment? The two and three year rates on offer are seen as the best option at the moment as the margins on this rates are historically low. Which one you go for depends, to some degree, on your view about what is going to happen with interest rates.

People who are more optimistic that the interest rate rises will end soon will opt for the shorter term.

To compare home loan rates go to the Good Returns Rates Table
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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 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 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 - 7.24 6.79 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 7.84 7.39 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 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 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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