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Mortgage Rates Daily Commentary
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Home loan complaints against banks rise

Complaints against banks by home loan borrowers rose by 12.3% last year amid a rising number of declined applications, according to the Banking Ombudsman Scheme. [READ ON]

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Economists unanimous on rate cut

Four weeks out from the next monetary policy statement on September 11, economists are unanimous they expect Reserve Bank governor Alan Bollard to cut rates again.

Friday, August 15th 2008, 5:43AM

by Jenny Ruth

All 12 economists surveyed by Good Returns are expecting Bollard to cut the official cash rate (OCR) from 8% to 7.75%.

Last month, Bollard cut the OCR from 8.25% where it had sat since July last year. It was the first time he had cut rates since July 2003.

Donna Purdue at Westpac says the market read last month's cut as "a green light that they're going to continue to cut for the rest of the year."

In part, Bollard was trying to offset the impact of rising bank funding costs as a result of the global credit crunch and the risk banks would pass those higher costs onto consumers and businesses.

Purdue says she doesn't think Bollard will be all that concerned about the recent decline in the New Zealand dollar if it remains about current levels. The trade weighted index is only about 4% lower than the Reserve Bank's forecast in June and it would probably take a 10% to 15% decline to cause Bollard to consider not cutting rates again, she says.

Robin Clements at UBS New Zealand says if the Reserve Bank doesn't cut rates in September, the currency would probably rise again. "To do nothing would defeat the purpose," he says.

Among data released since the last OCR cut, manufacturing bounced back slightly in July from a very weak June result but remained in decline, employment jumped 1.2% in the June quarter but was seen as correcting the March quarter's 1.3% decline, and the unemployment rate rose to 3.9% from 3.7%.

In addition, Treasury said it believes the economy shrank in the June quarter as well as the March quarter, putting the country in recession.

« Banks may be softening anti-broker stanceHome loan report: Tweaking continues »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 3.59 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 16 September 2019 10:03am

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