tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, April 14th, 8:46PM

Mortgages

Mortgage Rates Daily Commentary
Friday 12 April 2024  Add your comment
Mortgage advisers want ComCom to apologise; Lifetime Home Master Class Christchurch

The mortgage advisory industry is putting in a concerted effort to educate the Commerce Commission that it's views of their role and motivations is plain wrong. [READ ON]

Lifetime Home is the latest innovation from retirement income specialists, Lifetime Retirement Income.

Join Lifetime’s founder and managing director, Ralph Stewart and Chief Marketing Officer, Chelsea Devlin at one of six master classes to find out everything you need to know about Lifetime Home.

Register today to secure your spot at The George, 50 Park Terrace, Christchurch for 18 April [Click here]

rss
Latest Headlines

The rate war continues

Weekly home loan report: The fixed interest rate loan competition continues unabated, despite one day of no changes during the last week.

Tuesday, February 14th 2006, 8:13AM

by Janine Ogier

The banks and bank-related organisations are setting the example for decreases, particularly in the longer-term rates.

Westpac has cut rates twice in the last week, while ASB, BNZ, Bank Direct, National Bank, Sovereign, Kiwibank, TSB Bank and SBS also announced decreases.

The competitive action seems to be moving towards longer term rates.

A number of organisations are running ads in the mainstream media pushing their five-year or seven-year rates.

At the same time, ASB has started a new campaign based around customer service.

The biggest change over the week is Kiwibank’s introduction of a five-year special of 7.49% -- a reduction of 31 basis points. The conditions on the special include a minimum size of $300,000 and Auckland only.

A number of non-bank lenders dropped their five-year rates. These include Cairns Lockie, Equitable, General Finance, GEM Home Loans, Premier, Tasman Mortgages, Olympic, Resi and Argosy. Equitable also cut all its fixed rates for its Prime First Equity Loans.

Economists continue to differ in their views about what to do. Westpac chief economist Brendan O’Donovan is recommending borrowers fix the bulk of their loan on terms of up to 18 months. He anticipates a Reserve Bank easing in the third quarter. BNZ chief economist Tony Alexander believes there’ll be no easing until early 2007. He advises borrowers to take advantage of the decreases to get fixed for two or three years.

The financial markets are too optimistic that an easing will be sooner rather than later, so fixed rates could easily go back up again in the next few months, Alexander says.

In the marketplace, variable rates still start at the 8.50% offered by Napier Building Society and spread to the 9.75% recorded by Headstart. The major banks are clustered at the 9.55% level.

One-year rates remain between the 7.6% offered by Southern Cross to 9.1% from GEM Home Loans.

Two-year fixed terms continue to be stacked between the 7.75% offered by Southern Cross to 9.25% from Headstart.

Three-year rates vary between the 7.60% offered by Kiwibank to Headstart’s 9.15%.

In the four-year part of the market, Superbank offers the lowest rate of 7.80% and the competitors are in a narrow range up to 8.15% from Pioneer.

For five years, rates differ between the 7.6% offered by BankDirect, NZ Home Loans and Sovereign to Gem Home Loans’ 8.55%.

« LJ Hooker grows its broking networkLiberty may allow Pero's to be privatised »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
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 ▼6.75 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 ▼6.75 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 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 8 April 2024 9:21am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com