tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, May 29th, 6:34PM

Mortgages

Mortgage Rates Daily Commentary
Friday 29 May 2020  Add your comment
Tough servicing tests remain; Westpac and TSB slash rates

Advisers have called on banks to lower servicing test rates as home loans plummet to record lows: [READ ON]

More rate cuts this morning. Westpac cuts two to five year special rates, reducing its three and six year loans by 60 basis points. 

TSB has cut its two year special by 20 basis points to 2.79%. Westpac and TSB's new rates are effective this morning. See all the latest market rates here.

rss
Latest Headlines

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 »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

Last updated: 28 May 2020 10:38am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com