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Mortgages

Mortgage Rates Daily Commentary
Friday 22 January 2021  Add your comment
Rate cuts continue at ASB, BNZ, Kiwibank

ASB and BNZ have announced cuts to their one year rates, slashing their specials to 2.29%.

BNZ has also cut its two year rate to 2.59%, as shorter term loans continue to fall.

Kiwibank has also announced cuts for Monday: [READ ON]

Check out all of the latest rates here.

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Mexican stand-off in housing market

A Mexican stand-off between house buyers and sellers continues, according to some interpretations of the latest real estate prices.

Thursday, June 12th 2008, 2:48AM
ASB Bank chief economist Nick Tuffley says "a degree of Mexican stand-off remains in the market; buyers and sellers are having difficulty meeting in the middle, so turnover continues to decline."

REINZ data out yesterday shows that while the median price has held firm at $345,000, turnover is way down compared to this time last year.

Added to that the REINZ figures show the number of days to sell has increased to 49.

Deutsche Banks says that the days-to-sell number hasn't been at this level since 2002 nd if sales activity remains at these extremely low levels then the days to say statistic should rise substantially.

ASB's Tuffley says that the market is splitting into different groups based around sale price.

Fewer properties in the less than $400,000 bracket are selling than previously, meanwhile sales of houses worth more than $1 million are strong.

The REINZ figures show sales are down across the board and Tuffley says that sales in the sub $400,000 market are down 61% compared to last May, however sales in the $1 million –plus market are down only 28.5%.

Deutsche Bank says the Auckland market is hardest hit "thanks to the acute sensitivity of this market o mortgage interest rates (due to high average house prices)."

The other key trends are that stock is building up in the market. This could lead to two outcomes. The first, and there is growing evidence it is happening is that vendors are taking their properties off the market. Many appear to be putting them out for rent thus increasing the pool of rental stock.

The other outcome is that prices will have to move to clear the backlog of stock for sale.

Find out what is happening in your region here
« Big rate falls forecastRate falls becoming pronounced »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
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 3.95 2.89 2.97 3.39
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% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.45 2.65
Kainga Ora 4.43 2.93 3.07 3.24
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 2.99 3.09 3.15
SBS Bank Special - 2.49 2.59 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 ▼3.09 3.29 3.59
TSB Special 4.54 ▼2.29 2.49 2.79
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 4.54 2.89 2.99 2.97

Last updated: 22 January 2021 9:08am

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