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Mortgages

Mortgage Rates Daily Commentary
Wednesday 12 August 2020  Add your comment
Advisers brace for second lockdown; ASB profits drop 20%; OCR decision later

Mortgage advisers are preparing to run their businesses under lockdown once again as Auckland goes into alert level three at midday: [READ ON]

ASB Bank profits dropped by 20% in the year to June as the effects of the Covid-19 pandemic took hold: [READ ON]

The Reserve Bank will make its latest Monetary Policy Statement and OCR decision later. Keep an eye out at TMM Online.

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Home loan rates start rising

Many home buyers are believing that home loan interest rates will start decreasing when the opposite is happening.

Monday, May 1st 2006, 7:04AM

by Philip Macalister

The latest ASB Housing Confidence survey, released today says there has been a big change in findings.

It shows that the number of people who expect rate increases is down from 67% to a net 36%.

“Those surveyed appear to have quickly interpreted news of the wider economic slowdown, as well as a cooling in the housing market, as a reduced need for higher interest rates,” ASB Bank says.

While the Reserve Bank left rates unchanged at its latest official cash rate review last Thursday, it also gave a stern warning and said that no rate cuts are likely this year.

Since the announcement most the banks have increased some of their fixed rate terms by around 20 basis points, and the expectation is that there are further increases to come.

In the two year market, the mainstream banks have put their rates up to either 7.90% or 7.95%. However BNZ is still the lowest offering its Classic loan at 7.60% and Westpac is the only big bank still to move – offering two years at 7.70%.

These increases are the first since price cutting started in January.

Bank of New Zealand, which has led the price war has cut its advertised two-year fixed rate from 8.25% in December to as low as 7.50% in early April. It is currently 7.60%. ASB's two-year fixed rate for mortgages has declined from 8.30% to 7.70%, and today has moved up to 7.90%.

« Reserve Bank leaves rates unchanged and rules outs any cuts this yearWestpac changes its home loan strategy »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.45 2.99 3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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