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Mortgages

Mortgage Rates Daily Commentary
Thursday 23 September 2021  Add your comment
Co-op rate increases; Smaller hikes to follow next month; Full licensing latest

The Co-operative is the latest bank to increase pricing on six month to five year terms today. Its one year special goes to 2.85%, level with ASB and Westpac.

Banks are poised to raise interest rates further next month despite a recent wave of increases in recent weeks: [READ ON]

Slow progress so far on the journey towards full licensing. Here's what the FMA said after approving 80 FAP licenses: [READ ON]

 

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Figures show baby boomers after property bargains

Cashed-up baby boomers take advantage of perceived bargains in the property market, Veda Advantange says. It reports that mortgage applications were up 38% in March, compared to the same month last year.

Wednesday, April 8th 2009, 7:00AM

It says these were the highest monthly total since November 2007.

Baby boomers (44-62 years old) in particular appear to be showing a disproportionate interest in the housing market with a 45% increase in mortgage applications on March 2008. Generation X (28-43 years old) experienced a 34% increase, while Generation Y (less than 28 years old) had the smallest growth with a 16% increase on March last year.

"The March statistics show a growing surge of renewed interest in the housing market during the first quarter of 2009," Veda Advantage New Zealand managing director, John Roberts, says. "February grew by 37% on January, with momentum continuing into March with a further jump of 29% over the preceding month."

He says there is a level of activity in mortgage applications that hasn't seen since house prices began falling in late 2007.

"This activity reflects the lower interest rates stimulating demand, and shows the market going to fixed terms to lock in these rates.

“The much larger increase in the number of baby boomers applying for mortgages, compared to younger age groups, suggests that they are more cashed up and in a better position to snap up perceived bargains in the housing market. The fact that applications from Generation Y have increased only marginally over March 2008, may be a result of the tighter rules by lenders regarding minimum deposits.”

Tags: Mortgage Rates

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▲2.85 ▲3.25 3.55
ANZ 4.44 ▲3.20 ▲3.59 ▲4.00
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲2.60 ▲2.99 ▲3.40
ASB Back My Build 1.79 - - -
ASB Bank 4.45 ▲2.85 ▲3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.85 ▲3.25 ▲3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.35 2.75 3.05
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.99 3.39 3.59
SBS Bank Special - 2.49 2.89 3.09
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.65 - -
The Co-operative Bank - Owner Occ 4.40 ▲2.85 ▲3.25 ▲3.49
The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
TSB Bank 5.34 3.35 3.75 4.05
TSB Special 4.54 2.55 2.95 3.25
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 ▲3.45 ▲3.85 4.09
Westpac - Offset 4.59 - - -
Westpac Special - ▲2.85 ▲3.25 3.49
Median 4.54 2.95 3.25 3.49

Last updated: 23 September 2021 8:11am

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