Banks punch below their weight
Thursday, July 1st 2010, 12:28PM
Kiwibank cut 31 basis points off its two-year fixed home loan rate today, reducing it from 7.30% which is the median for all banks to 6.99%. This makes its new rate 20 basis points lower than the closest bank which is TSB.
Westpac, AMP and HSBC also made changes over the week which can be seen here.
In news we find out which banks are punching well below their weight in the mortgage lending market. We also have a new graph showing the market share of new net lending on mortgages according to each banks general disclosure statements, with Kiwibank and Westpac continually growing their mortgage books over the past three quarters.
In Expert Views ASB says the Reserve Bank is likely to be pleased with the current mix of growth in the economic cycle as the household sector takes a back seat in driving it and BNZ economist Tony Alexander gives a simple lesson in how monetary policy works.
| « ASB leads the charge | Long term fixed rates slashed » |
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