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Mortgages

Mortgage Rates Daily Commentary
Wednesday 8 July 2020  Add your comment
Another round of rate cuts. ANZ takes the lead

ANZ has taken pole position in the home loan rate market cutting some rates to the lowest on offer.

It now leads the one-year fixed rate term with a 2.55% Special rate. Interestingly enough the changes made varied between its standard and special rates.

Only the 18-month and three year standard rates were cut, by 30 and 46 basis points respectively. However, all the terms from six months to three-years were cut for its so-called Special rates. These cuts ranged from six basis points to 56 basis points.

To see how these changes stack up check out our rates table here which is sorted on lowest to highest on the one-year term.  

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Mortgage applications fall 21% in first half, Veda says

New Zealand applications for home loans fell 21% in the first half from a year earlier, according to a survey by Veda Advantage, the nation's biggest credit information service.

Wednesday, July 16th 2008, 1:10PM

by Jonathan Underhill

New Zealand applications for home loans fell 21% in the first half from a year earlier, according to a survey by Veda Advantage, the nation's biggest credit information service.

"Things look quite bleak for the property market at the moment," said John Roberts, New Zealand director of Veda. "Things are likely to get worse before they get better."

The first biannual survey by Veda adds to evidence the economy fell into recession in the first half, amid soaring costs for fuel, raw material and credit. Commercial sector defaults rose 24% in the first half, while consumer defaults gained 7%.

"The overall picture of the economy contains little good news for those hoping predictions of a coming recession are exaggerated," the company said in a statement.

There was a sharp jump in the number of people defaulting on basic payments such as their phone bills, where the figure soared 148% and internet payments, up 100%, the survey showed.

Consumer confidence has tumbled to a 17-year low, according to the Westpac McDermott Miller Consumer Confidence Index last month. The index fell 15 points to 81.7. A number below 100 indicates pessimists outnumber optimists.

Veda's survey showed total consumer credit applications fell 10% in the first half, with hire-purchase applications down 9.5% and those for personal loans dropping 16%.

« Home loan report: Rollercoaster ratesHome loan approval rates falling sharply »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.65 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 9 July 2020 5:00am

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