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Mortgages

Mortgage Rates Daily Commentary
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More rate increases flow through

Home Loan Report: Mortgage rates are continuing to increase even though wholesale rates fell slightly at the end of last week.

Wednesday, November 14th 2007, 5:08AM

by Maria Scott

The lowest rates in the market at present are from smaller lenders; NZ Mortgage Funds has the lowest two-year fix at 8.99% while closest competitors in this slot, while the next lowest is sitting at 9.05%. However, the positions are changing as all lenders are increasing fixed rates, pretty much across the board at the moment.

Among larger lenders, in the popular two-year slot all but BNZ, with its Standard and FlyBuys products is charging 9.40%. BNZ is charging 9.49%. Over three years, the same BNZ loans are the cheapest of the big bunch at 9.19%. The other major lenders are charging a whisker more at 9.20% for three year fixes. Over five years ASB is cheapest at 8.90%, compared with 8.95% from ANZ, National Bank and Westpac. BNZ is charging 8.99% on Standard and Fly Buys loans. BNZ's flagship 'classic' two year rate is 9.39% now.

Not all borrowers will be able to choose a loan by rate, however. Those who have missed payments in the past, do not have established earnings records or want to borrow an unusually large sum are likely to find it more difficult to obtain finance in the current market and to be asked to pay a premium over standard rates.

The market may not have settled fully after the latest round of changes that started about 10 days ago. Wholesale rates are likely to remain volatile because of the continued uncertainties in overseas markets about how badly economies will be hit by the US-led subprime lending crisis.

In New Zealand, many economic indicators point to strength in the economy. With an election due next year, economists expect Government money to be pumped into the economy, possibly fuelling inflation and preventing falls in domestic borrowing costs.

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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: 12 April 2021 8:56am

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