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Mortgages

Mortgage Rates Daily Commentary
Thursday 29 February 2024  Add your comment
Rising bank funding costs to put upward pressure on mortgage rates

The Reserve Bank expects that rising bank funding costs will keep putting upward pressure on mortgage rates, even as swap rates in the wholesale market start to fall. [READ ON]

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Long term interest rates rise at Westpac

Westpac last week lowered some of its short-term fixed interest rates, and today has gone the opposite way and increased longer-term rates.

Tuesday, September 22nd 2009, 6:43PM 1 Comment

The biggest change is to its four-year fixed home loan rate which is up is up 25 basis points to 8.20%. The next biggest increase was to its five-year rate which is up 24 points to 8.49%.

The other changes made to its rates are to the 18-month and three-year terms.

While Westpac makes no comment about why it has increased its longer-term rates, we have seen an increase in rates in the wholesale markets over the past week.

This is a comment a number of economists mentioned in their weekly economic reports yesterday.

While Westpac has increased its rates, they are not out of line with its competitors according to interest rate website www.mortgagerates.co.nz

It shows the ASB Bank and its related lenders all have higher five-year rates with ASB sitting on 8.60%.

BNZ's Global Plus rate is nine points below Westpac and the other bank rates are around the 8.30% market.

A similar pattern is shown in the three-year market too, except there are some specialist lenders with higher rates (eg Moorhouse Mortgages and No 8 Mortgages), BNZ Global Plus is higher than Westpac as are New Zealand's newest bank, SBS.

Westpac's changes today

Fixed TERM     RATE      CHANGE
6 month 5.29% pa    no change
1 year 5.49% pa    5.49% pa  
18 month   6.09% pa +0.10
2 years   6.55% pa no change
3 years   7.49% pa  +0.09
4 years   8.20% pa  +0.25
5 years     8.49% pa  +0.24

 

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Comments from our readers

On 23 September 2009 at 2:07 pm cbs said:
any commentary you guys can add about the surge in the last two days on the 1 through to 5-yr swap rates and what that is likely to mean for mortgage rates in the short term? 1-yr rate currently topping 3.23% just belwo the highs of end Mar-09 of 3.40%. Any thoughts on when you think the banks will start shifting that increase on to their 6-mth and 1 year interest rates?
Commenting is closed

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 28 February 2024 11:55am

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