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Mortgages

Mortgage Rates Daily Commentary
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New lending rules likely

There is a "high" probability of extra rules to curb house price inflation, such as DTIs and interest-only lending restrictions, according to economist Tony Alexander: [READ ON]

On the rate front, The Co-operative's four and five year home loans have edged up. Take a look at the latest rates here.

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Home Loan Report: Further cuts to fixed rates

There have been further cuts to fixed rates over terms of two to five years from some finance companies and non bank lenders over the past week but some one-year rates have increased. The major banks, however, are maintaining identical rates over all terms.

Wednesday, October 3rd 2007, 12:11PM

by Maria Scott

Shorter-term rates are heavily influenced by New Zealand's Official Cash Rate and opinions about its future direction and there has been a hardening of views among economists that the OCR will stay high until well into 2008, if not 2009. Signals about longer term rates, more heavily influenced by overseas rather than domestic borrowing trends, remain mixed; US rates have fallen sharply but it is still not clear whether the worst is over for the US credit crisis. In the UK there have been predictions that subprime borrowers – those with adverse credit histories – will face big increases in mortgage costs when they next need to refinance their loans.

For New Zealand borrowers, there is an emerging view that those who opt for floating or one-year terms in the hope that longer term rates will be much cheaper in a year's time may be disappointed.

One of the unknown factors is whether there will be a spring mortgage war between lenders here. With rates from all the major banks identical across all terms, the big lenders look to be determined to try to avoid another damaging price war. However, ANZ, National Bank and ASB have all reduced commission to mortgage brokers this week; whether the banks use the savings to fund price cuts, remains to be seen.

Non bank lender Sovereign, past of the ASB group, is moving in the opposite direction. It has postponed a decision on broker commissions but in the mean time has reduced some discounts. These include a reduction in the discount for larger loans from 0.15% to 0.10% for new business. For existing clients, the discount will be reduced when the borrower's current rate discount expires. The threshold for high value discounts rises from $200,000 to $275,000 for new business. Existing clients who have qualified for high value discounts will remain eligible. New advances for open-ended bridging advances will have an additional margin of 1% and a high value discount will not apply on the bridging portion during the bridging period.

« TSB, HSBC profits jump but HSBC mortgage book shrinks3000 first home buyers take up Welcome Home Loans »

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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
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 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% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
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
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
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 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

Last updated: 4 March 2021 8:47am

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