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Last Article Uploaded: Thursday, December 2nd, 6:32PM

Mortgages

Mortgage Rates Daily Commentary
Wednesday 1 December 2021  Add your comment
Floating higher; What's keeping advisers awake at night

Following the hike in the OCR floating rates continue to increase; however as there are a decreasing about of loans on variable rates it probably doesn't have much impact on the market.

Recently we surveyed advisers to find out about what keeps them awake at night. The results are in TMM which should be on desks any day now. But you can now read the magazine in a digital format.

 

Here is your link to a digital version of the magazine

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Latest Headlines

BNZ takes rate war to six-month term

Competition in the home loan market has shifted back to the fixed rate terms with the Bank of New Zealand making major cuts to its fixed rates.

Monday, November 24th 2008, 9:56PM
Its biggest cuts are to six-month rates for its Standard and Global Plus loans. They have each come down 124 basis points with the Standard rate dropping from 8.59 % to 7.35%.

Its sharpest rate is a new Classic six-month rate of 6.99%. This replaces the one year Classic rate of 7.99%.

The move comes in advance of the Reserve Bank’s next official cash rate announcement which is due next Thursday.

Economists, as reported on Good Returns, are expecting a 100 basis point cut to the OCR, however a couple, including Goldman Sachs JB Were and Deutsche Bank are suggesting the next cut could be has big as 150 basis points.

What is interesting is that a variety of pricing strategies are emerging from lenders as rates fall.

Kiwibank has moved to own the floating rate space, offering a rate of 7.95%.

Well below its nearest competitor, Bank Direct, which is sitting at 8.45%.

BNZ is the leader in the six-month term with its 6.99% Classic product. However, its standard six-month rate is 7.35%, the same as several other banks including ASB and Bank Direct.

At the next term, one-year, many of the banks are sitting around the 7.29%-7.30% mark.

The other characteristic of the market is that several lenders, notably Kiwibank and TSB are offering sharp rates for loans where there is at least 20% equity in the deal

To see what banks are offering and to compare rates go to goodreturns.co.nz MORTGAGE CENTRE.

« Survey shows 100 pt cut highly likelyOCR cut to 7.5% »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA ▲4.60 3.65 4.35 4.69
ANZ 4.79 4.25 4.95 5.35
ANZ Blueprint to Build 2.03 - - -
ANZ Special - 3.65 4.35 4.75
ASB Back My Build ▲2.29 - - -
ASB Bank ▲4.60 3.65 4.35 4.69
Avanti Finance 4.55 - - -
Basecorp Finance 5.49 - - -
Bluestone 3.74 3.54 3.89 4.09
BNZ - Classic - 3.65 4.35 4.69
BNZ - Mortgage One 5.15 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Rapid Repay ▲4.95 - - -
BNZ - Std, FlyBuys ▲4.95 4.25 4.95 5.29
BNZ - TotalMoney ▲4.95 - - -
CFML Loans ▲5.35 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 3.59 4.09 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 5.25 4.00 4.60 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 4.15 3.29 3.85 4.19
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank ▲4.25 ▲4.54 ▲5.20 ▲5.54
Kiwibank - Offset ▲4.25 - - -
Kiwibank Special ▲4.25 ▲3.69 ▲4.35 ▲4.69
Liberty 4.84 - - -
Nelson Building Society 4.95 ▲4.29 ▲4.85 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 3.54 3.89 4.09
SBS Bank 4.79 3.65 4.19 4.25
SBS Bank Special - 3.15 3.69 3.75
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲3.45 - -
The Co-operative Bank - Owner Occ ▲4.75 ▲3.65 ▲4.35 ▲4.69
The Co-operative Bank - Standard ▲4.75 ▲4.15 ▲4.85 ▲5.19
TSB Bank 5.34 4.09 4.74 4.99
TSB Special 4.54 3.29 3.94 4.19
Unity 5.65 4.15 4.60 -
Wairarapa Building Society 4.99 ▲3.65 ▲4.05 -
Lender Flt 1yr 2yr 3yr
Westpac 5.09 4.25 4.95 5.29
Westpac - Offset 5.09 - - -
Westpac Special - 3.65 4.35 4.69
Median 4.77 3.65 4.35 4.69

Last updated: 2 December 2021 9:14am

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