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Mortgages

Mortgage Rates Daily Commentary
Thursday 25 February 2021  Add your comment
House prices added to Reserve Bank remit

Big news from Wellington this morning.

The Government has instructed the Reserve Bank to take house prices into account when setting monetary policy, marking a major shift in the central bank's role in the property market.

The central bank will now have to consider house price inflation as it weighs up interest rate cuts and hikes. [READ ON]

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Finally it has happened

Weekly Home Loan Report: Well Bank of New Zealand has finally done it and increased its fixed rates this morning.

Tuesday, May 23rd 2006, 8:33AM
As noted in previous home loan reports over the past couple of weeks BNZ has been holding back on increasing its fixed rates while the major banks increased their rates in response to rising swap rates in the market.

Its three, four and five year rates have gone up 15 points each and the two year rate 9 points to 7.69%.

It appears the two-year rate is where it wants to focus attention as the rate is an unusual number, 7.69% (normally banks set rates in fives or tens). This rate puts it just one basis point below a couple of second tier banks such as TSB and Bank Direct.

The big economic news over the past week has been the Budget, but being such a ho-hum affair it had little impact on the markets and no effect on home loan rates.

During the week we have seen the trend for fixed rates to increase. Most of the action has been in the area of terms of two years or more, but there has been some, albeit fewer, increases in the shorter terms.

What’s the best deal strategy at the moment?


There is still some divergence in thinking on how long to fix for. For instance Westpac is saying the cuts when they come will be fast and sharp.

"We continue to advise fixing for relatively short periods. Meanwhile BNZ is saying if you want to get a rate around recent historical averages fixing three years or beyond "looks good".

"Overall it looks like rates will be lower in a couple of years time and for that reason we can't find any especially strong reason for avoiding the two-year fixed interest rate currently."

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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 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 1.99 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.79 3.15
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.54 2.79 2.99 2.96

Last updated: 15 February 2021 8:47am

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