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Mortgages

Mortgage Rates Daily Commentary
Wednesday 21 April 2021  Add your comment
Squirrel launches 95% mortgage; Heartland launches low rate revolving credit

Two innovative new home loan products to report this morning.

Squirrel Mortgages has launched a 95% mortgage for first home buyers, offering rates as low as 4.09%: [READ ON] 

Heartland has a new digital loan product. It has launched a revolving credit facility through the online channel with market low rates of 2.75%: [READ ON]

 

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GE Money looks to do more broker business

GE Money is a name mortgage brokers will become more familiar with now that the company has bought Superbank’s $500 million mortgage book.

Sunday, August 6th 2006, 11:40PM

by Philip Macalister

Superbank was established as joint venture between Australian bank St George and Foodstuffs New Zealand with the aim of selling home loans and deposits through Progressive’s supermarket chains.

However the bulk of Superbank’s 2200 customers came through brokers.

“I think (supermarket distribution) didn’t work for them,” GE Money managing director Jim Cock says. However, he didn’t discount the model; just that it didn’t work in this case.

“I’m not offering any ideas why.”

Superbank says since its launch in February 2003, market conditions have changed and margins in mainstream residential lending in New Zealand have become extremely competitive.

“Given these factors, both companies had reviewed their strategic positions and examined a range of opportunities for Superbank.” In the end St.George and Foodstuffs decided to sell the mortgage portfolio.

GE Money is growing to be a significant player in New Zealand. Its total book is worth $4.4 billion, of that $2.8 billion is in mortgages. This is made up of Superbank, Wizard Home Loans and its own lo-doc lending.

Cock says GE Money will continue to run two home loan brands (its own and Wizard) and this deal will push it further into the prime and broker space.

“We were shaping up to do more broker business and this gives us a bit of a turbo boost,” he says.

Cock describes the Superbank deal as a “consolidating acquisition”. He says GE Money is keen to grow and this is a deal it managed to pull off.

« Welcome mat for home buyers to be extendedRates start easing »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
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
Basecorp Finance 5.49 - - -
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 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
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 Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 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 2.99 3.29
SBS Bank Special - 2.29 2.49 2.79
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 4.55 2.73 2.99 2.80

Last updated: 20 April 2021 11:12am

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