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Mortgages

Mortgage Rates Daily Commentary
Thursday 5 December 2024  Add your comment
Bank of mum and dad alive and well; Danger OCR might need to be hiked in 2026

Nearly one in three parents of children wanting to buy their first home can afford to help them with their mortgages. [READ ON]

Potential mortgage borrowers might need to get their new homes of investment properties in the next year as Westpac says there is a risk the RBNZ might cut the OCR too far and start raising rates again in 2026. [See here]

 

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NZ dollar follows Australian dollar lower on weaker home loans

The New Zealand dollar followed its Australian counterpart lower after weaker-than-expected home loans data across the Tasman, while a Reserve Bank of Australia official indicated the central bank is not far from a neutral monetary policy.  

Tuesday, April 13th 2010, 11:14AM

by BusinessDesk

The Australian dollar sank from a four-month high to 92.80 US cents after data showed home loans fell 1.8% in February from a month earlier. That's more than the 1% decline expected. Investors pared back their expectations for further Australian rate hikes after RBA Assistant Governor Guy Debelle said the target cash rate is "not far" from its average level. The market is betting the RBA will boost interest rates by 91 basis points over the coming 12 months, according to the Overnight Index Swap curve, that's down from 93 points yesterday.  

"The kiwi was hamstrung by a weaker Australian dollar which suffered on the weaker data and comments from the RBA on a slower pace of tightening," said Mike Jones, strategist at Bank of New Zealand. "The kiwi looks well-supported around these levels, and it's seeing a lot of buyers on dips." 

The kiwi declined to 71.16 US cents from 71.24 cents yesterday, and was little changed at 76.73 Australian cents from 76.72 cents. It dropped to 65.86 on the trade-weighted index, or TWI, a measure of the currency against a basket of five trading partners, from 65.91 yesterday, and sank to 66.34 yen from 66.65 yen. It was unchanged at 52.40 euro cents, and gained to 46.30 pence from 46.15 pence yesterday.  

Jones said the currency may trade between 71 US cents and 71.90 cents today, and may have "another crack at 72 cents" if this week's data shows improving demand in households.  

Today's data is expected to show consumers boosted spending on electronic cards last month, compared to February, according to BNZ's Jones, while February's retail sales figures are predicted to come in flat, according to a Reuters survey.  

Stocks in the US gained as investors prepare for first-quarter earnings season, with analysts forecasting 30.2% year-on-year growth for companies on the Standard & Poor's 500 index. Alcoa Inc., the biggest American producer of aluminium, met expectations as it posted a narrower first-quarter loss of US$201 million, compared to US$497 million a year earlier.  

The market will get its first reaction to Europe's bail-out package to Greece when the Mediterranean nation holds an auction for 1.2 billion euros of Treasury bills.

« HSBC slashes rates and launches campaignNZ 1st-qtr inflation accelerated less than expected »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

Last updated: 5 December 2024 10:06am

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