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Mortgages

Mortgage Rates Daily Commentary
Friday 21 June 2024  Add your comment
Resimac blind-sides advisers

Mortgage advisers have been blind-sided by Resimac's decision to essentially pull out of New Zealand. From July 1 it will no longer be accepting new business.

TMMOnline has attempted, unsuccessfully, to get more details from the company. In our story today we talk to Resimac's biggest and most loyal adviser Jeff Royle. He is not happy. [READ ON]

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No rate relief likely this week

Nobody expects Reserve Bank governor Alan Bollard to change interest rates this week, despite the fast-weakening economy, because inflation pressures are still far too strong.

Monday, April 21st 2008, 6:02AM

by Jenny Ruth

All 10 economists surveyed by Good Returns expect Bollard to leave his official cash rate (OCR) unchanged at 8.25% on Thursday.

With bank funding costs having risen steeply this year in the wake of the global credit crisis, all economists now believe Bollard's next move will be down. However, they differ widely from expecting a softening in tone as early as this week and an OCR cut before the end of the year to no cut before June next year.

Robin Clements at UBS New Zealand says with the wheels falling off the housing market and business and consumer confidence at decade lows, Bollard risks holding interest rates high for too long. He says Bollard may soften his rhetoric this week.

Darren Gibbs agrees and says Bollard may highlight the downside risks to growth. "This will soften the tone of the statement relative to the March monetary policy statement."

Sharon Zollner at Westpac is at the other extreme, not predicting an OCR cut until June 2009.

"We expect the current slowdown isn't going to break the back of inflation expectations," McCaw says. Even when Bollard does start cutting, he's likely to have to keep monetary policy reasonably restrictive, she says.

Jason Wong at First NZ Capital says wholesale interest rate markets have priced in a 100% expectation of no OCR change this week. He is expecting an OCR cut early next year. "It's not on the near-term horizon because inflation's still a big issue for the bank and that limits the ability for them to ease in this environment."

Nick Tuffley at ASB Bank says while forward indicators point to heightened risk of a substantial economic slowdown, inflation pressures seem to be ratcheting up.

« Parent says Tasman and United doing OKThe official cash rate (OCR) unchanged at 8.25% »

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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 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.99 ▼6.49 ▼6.29
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
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 7.74 7.09 6.95
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 20 June 2024 10:39am

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