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Mortgages

Mortgage Rates Daily Commentary
Monday 15 July 2024  Add your comment
Distance between inflation and RBNZ’s target narrows; SBS rates change

All eyes this week will be on the Consumer Price Index data in the wake of the Reserve Bank’s slight change in mood on when interest rates will come down. [READ ON]

SBS has cut its 6 Months Lending rates, effective Saturday, 13 July 2024 [See here]

 

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Next round of cuts underway

Weekly Home Loan report: The next round of home loan rate cuts have started to kick in with some significant falls across the market.

Tuesday, April 4th 2006, 8:39AM
On Saturday BNZ and Bank Direct cut their rates, they were followed by Westpac on Monday and the bank trimmed a little more off some rates again today. Its two largest decreases being the 30-month and four year rates which are down 41 points and 35 points respectively.

Amongst the banks ASB and TSB have also lowered rates.

While it was the turn of banks to move first non-bank lenders stepped up to the plate today with a dozen of them trimming their fixed rates from one year through to the five-year term.

Since December rates have fallen around 55 basis points. Now sub-8% rates are de rigueur for terms of more than two years.

In the one-year market fixed rates are creeping closer to the 8% - currently six lenders are clustered around this point, with most of them above 8.10%.

While long-term rates have been falling they may not stay down for long. ASB Bank for one is suggesting the long-term rates will eventually rise due to higher global rates.

That is a cue for people who prefer these longer-term rates to pick up what’s on offer at the moment.

In the five-year term rates range from Bank Direct at 7.40% through to 7.99% and 8.20% for Resi and GEM Home Loans. The banks are at the low end of the range with offers around the 7.50% mark.

Borrowers who don’t want to lock in a long-term rate should consider going for a short-term rate.

As could be expected floating rates remain unchanged and will do so until we see the Reserve Bank decrease its official cash rate.

For the record the mainstream banks are at the top of the range offering rates of 9.50-9.55%, but many other lenders are offering variable rates in the low-9% area.

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

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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 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 15 July 2024 11:47am

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