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Mortgages

Mortgage Rates Daily Commentary
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Window of opportunity

Homeowners looking to refinance their mortgage this year have a window of opportunity to pick up some increasingly attractive rates at the moment.

Wednesday, March 1st 2006, 10:36AM
Since the start of the year fixed rates across the board from six months to five years have been falling week after week.

The most aggressive have been the banks which have trimmed nearly 50 basis points of many rates.

While the rates on offer are still on the high side of historical rates, they are better than they were three months ago.

Whether the falls are a blip or the start of a downward trend is still a little hard to gauge. There is one school of thought that rates could increase later this year, especially if the Reserve Bank increases its official cash rate one more time.

So, potentially the falls are window of opportunity to refinance in a falling market. Remember, though, that picking the absolute peaks and troughs of the market is nearly impossible.

At the moment we are not sure whether we are at the peak of cycle or a false summit. Likewise we are unaware how steep the downward slope is on the other side.

What’s the best deal at the moment? Well if you look at the equation on a historical basis the longer term fixed rates of five years or more are now below their long term averages.

Also there is quite a bit of competition in this space with the likes of Kiwibank offering a very well priced special for loans of more than $300,000 or more in Auckland.

However, long term rates like this tend to suit the cautious borrower who is happy to lock in an attractive rate for a long time, rather than someone who is hunting for the sharpest option available.

Sticking with the historical viewpoint floating rates are way above their long term average and shorter term rates, such as one-year, are one percent higher than averages.

Rates in the two to three year are above their averages too, but are worth a look.

At the moment bank floating rates are around 9.55%, but most non-bank lenders are below this.

In the two-year rates it is the other way around with banks under the 8% mark with second tier banks lower than the high street banks, and non-bank lenders are more than 8%.

Out at five years standard rates range from 7.45% to 8.40%.

For a full list of rates and to compare what’s on offer click here
« Battle for borrowers business continuesANZ profit up, market share down »

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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 ▼6.75 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

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