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Last Article Uploaded: Monday, September 23rd, 8:58PM
Mortgage Rates Daily Commentary
Monday 23 September 2019  Add your comment
Westpac and BNZ rate cuts; NZ bank risk assessed

To kick off the week, both BNZ and Westpac have cut fixed mortgage rates this morning.

BNZ's two-year rate has fallen to 3.49% for owner-occupiers, and 3.74% for investors.

Meanwhile, Westpac's two-year fixed special is down to 3.54%, a 5 basis point cut.

See how two year rates stack up on our rates table.

Ratings agency S&P has done some more analysis on the NZ banking sector. It believes the industry is as risky here as it is in Iceland and Ireland. Find out more here: [READ ON].

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Latest Headlines

Trail commissions being withheld

Mortgage brokers may be suffering a further blow to their incomes as a result of problems in the economy.

Monday, September 22nd 2008, 5:52AM

by Maria Scott

Non-bank lender United Home Mortgages, previously known as United Home Loans, said that mortgage funders were withholding trail payments when loans were in arrears.

“Non-payment to us means of course that we are unable to on-pay brokers whilst the loan is in arrears. This has caused some confusion with brokers who have been used to in the past receiving payments,” United said in a recent circular to brokers.

The company said that a significant number of loans were currently in arrears. “Our recoveries team are working hard to manage delinquent loans and bring them back into line. This is a frustrating and difficult task as you can imagine.”

United says that once a loan is returned to order, trail payments resume.

A reduction in trail commissions due to rising arrears will come as a further blow to brokers after cuts in upfront commissions by major lenders last year and the general downturn in the lending market.

United business development manager Riki Plester says because brokers’ volumes are down, trail becomes more important to their success.

He said that brokers maintained relationships with clients and it was in their interests to be in touch with them to try to resolve arrears problems.

United was sold by the Hanover group last year to the Lombard financial services group whose Lombard Finance subsidiary went into receivership in April. United is owned by the Lombard parent group which is not in receivership.

Plester says it is “business as usual” for United and that despite the tight conditions in the lending market there were still funders willing to provide competitive finance, including 100% loans and loans for clients who did not wish to declare their incomes but had substantial equity in their properties.

« Keep fixing short and sweetOCR cut to 7.5% »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 ▼4.04 4.49
ANZ Special - 3.65 ▼3.54 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 ▼3.49 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 ▼3.89
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 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 20 September 2019 9:30am

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