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Mortgages

Mortgage Rates Daily Commentary
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Kiwibank smashes out the home loans

Kiwibank wrote a quarter of all home loans written the last half of 2023. [READ ON]

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A swarm of rate changes

Weekly Home Loan report: There is good news for the homeowners who are refinancing the $42 billion of fixed home loans that are maturing this year.

Tuesday, March 28th 2006, 5:47AM
That is it looks like rates may start falling more quickly than has been predicted, especially by the Reserve Bank.

Reserve Bank governor Alan Bollard has, previously, made it clear that he doesn’t expect to cut rates until next year, however the poor economic growth numbers released on Friday suggest cuts could be brought forward.

According to official statistics the economy went backwards 0.1% in the December quarter and there is now a higher probability New Zealand will experience a recession – albeit small.

Following the GDP figures there have been a swarm of rate cuts.

Things started quietly last week, in fact there had been very few rate changes since the Reserve Bank’s OCR announcement a week earlier. Early in the week Mortgage Finance and PSIS dropped their two-year rates to 7.70% and 7.80% respectively.

Then on Thursday BNZ knocked 15 points off its Classic loan, offering a two-year term at 7.70%. That was followed by TSB withdrawing its two-year special of 7.79%, and substituting a lower 7.70%, with conditions of a minimum loan amount of $200,000 and maximum LVR 80%. Like BNZ, TSB is not offering the deal through brokers.

That brought most of the second tier banks and a few other lenders into line in the two-year fixed space.

Yesterday and today we have seen a swarm of cuts. Westpac has taken 15 points off its two year rate dropping it to 7.80% and ANZ have made significant cuts across their fixed rate products, with the biggest reduction being to its four-year rate, dropping to 7.55%. Its two-year rate is 7.75%.

Also a raft of non-bank lenders; Argosy, Asteron, Cairns Lockie, General Finance, GEM, NZ Mortgage Funds, Premier, Tasman and United have cut most of their fixed rates.

Most interesting of all though is a six-month special from BNZ priced at 6.99%. The deal has conditions on it and it appears to be aimed at giving people a stepping stone to better refinance options towards the end of the year when rates will be lower.

It is only available on up to 50% of a loan, and the remainder has to be taken out with any one of its other home loans.

In the marketplace, variable rates start at 8.50% from Napier Building Society and spread to 9.95% at NZ Mortgage Income Trust.

One-year rates are between 7.60% at Southern Cross and 9.0% from GEM Home Loans, while three-years vary between 7.50% from Kiwibank and Mortgage Finance to Headstart’s 9.15%.

For four years, Pacific Prime and Superbank offer 7.80% and the lenders spread narrowly up to NZ Mortgage Funds’ 8.11%. The five-year range is now between 7.40% from NZ Home Loans and Sovereign to Gem Home Loans’ 8.35%.

For a full list of rates and to compare what’s on offer click here

« BNZ loses some market shareASB profit and home loan market share jumps »

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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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