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Mortgage Rates Daily Commentary
Thursday 28 March 2024  Add your comment
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Spotting the right home loan rate

Home Loan Report: “It’s not all about rate,” is a message that mortgage advisers are keen to emphasise to borrowers seeking a homeloan.

Wednesday, February 28th 2007, 6:24AM

by Maria Scott

Last week’s Homeloan Report suggested that borrowers might consider shopping around among brokers as well as lenders because brokers were reporting different attitudes among lenders to discounting on advertised rates.

This drew a strong response from Wellington broker Finlay Abbot who said that discussions about up-front quotations on price over-simplified the process involved in obtaining a mortgage in today’s market. All prime lenders would match each other for quality business on spot rates. But too many brokers were seeking quoted prices for pre-approved loans.

“Almost without exception, all these spot rates are only valid for 48 hours so what is the point in wasting time on this?”

The swap market (which plays a large role in determining the cost of fixed rate loans) was changing on a daily basis. Brokers should seek spot rates once a client had purchased a property.

Meanwhile, for borrowers interested in the general direction of loan costs, there have been several increases in advertised rates over the last few days; BNZ has raised its standard two and three year rate by five and four basis points respectively and all of ANZ and National Bank have raised all rates by 10 points, except for five-year rates which have gone up by six points. Sovereign has increased its three and five-year rates by 5 points.

ANZ, in its latest economic report, says that the Reserve Bank is getting “minimal policy traction” in controlling the economy through interest rates because it did not raise rates last year when many homeowners were coming out of fixed rate loans that had been set in 2005.

"Interest rates will move up and if the Reserve Bank seeks to recapture the opportunity lost in October last year…they will certainly deliver a very hawkish statement to keep the market pricing in a subsequent move."

BNZ chief economist Tony Alexander has moderated his view on seven year rates – promoted by the bank.

He now says he would still be tempted to fix at seven years “being a conservative sort of person.”

“However, for the majority of people fixing two years at 8.17% is probably the optimal thing to do.”

BNZ has been criticised for promoting a seven-year rate.

« Second Muslim mortgage offeringTSB & ANZ lift profits but lose mortgage market share »

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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 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 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 - 7.24 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 7.84 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 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 6.69 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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 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 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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