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Mortgage Rates Daily Commentary
Thursday 14 November 2019  Add your comment
Westpac moves to cut turnaround times; OCR on hold

At the TMM Better Business Conference this week, Westpac unveiled plans to cut turnaround times and overhaul the mortgage approval process. Find out more: [READ ON].

The OCR was kept on hold yesterday, but wholesale interest rates shot up. No mortgage rate changes from the banks yet. Here's how market rates are shaping up.

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Banks loosen lending criteria for spring

Banks are becoming more flexible with lending over the spring months, launching campaigns to get more business.

Thursday, October 21st 2010, 1:49PM 3 Comments

by Jenha White

Squirrel mortgage brokers director John Bolton says banks have made small tweaks that are improving the lending environment with ASB, ANZ/National Bank, BNZ, Westpac and Kiwibank all prepared to lend more than 80% to clients.

On Monday Westpac launched a campaign for mortgage brokers which offers an additional 20% commission for new residential lending approved of $250,000 or more and advanced before the end of the year for both new and existing customers. The offer applies to mortgages with loan to valuation ratios (LVRs) of 80% or less.

Bolton says ASB has also been putting through some 90% loans and case by case 95% in the last month for owner occupiers.

However, he says ASB in particular, looking for high quality clients with it not being a free-for-all and it still being incredibly tough to get more than 80% lending - "clients are generally on good pay, are qualified, have little debt and good equity".

ASB also ran a one-week special recently offering a six-month new lending rate of 5.95% and a 12-month rate of 6.30% which were below the banks advertised rates.

The mortgage had to be worth more than $300,000 though and half the money lent needed to be borrowed on ASB's floating rate.

ANZ and National have also eased their criteria slightly according to Bolton, lending up to 90% in the last eight weeks but more formally between 80% to 90%.

"They've been doing lending in that range for a while but not as formal policy, it was a bit random if it got approved. The servicing calculator has got a bit better too."

ANZ/National are also offering to pay up to $1,000 towards legal costs and waive the application fee for new mortgage applications received and approved between October 3 and November 30 and settled by December 31.

It is also offering mortgage brokers an extra 10% bonus commission for applications received and approved between October 3 and November 30 and settled by the end of the year.

 

 

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

« HSBC appoints chief economist for NZ and Australia Break fee refunds of $165,000 for borrowers »

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Comments from our readers

On 23 October 2010 at 11:04 am Ian Woods said:
How do you have good equity when looking to borrow >80% ?
On 31 October 2010 at 3:49 pm debbie said:
IS THIS AVAILABLE TO HOME OWNERS THAT ALREADY HAVE MORTGACE AND WANT TO LOOK AT REFINANCING OR RESTRUCTURING THERE EXISTING MORTGAGE WITHIN ANOTHER BANK WITH ONLY SAY ROUND FIGURES OF 70,OOO EQUITY
On 2 November 2010 at 3:57 pm JC said:
We had 70K deposit, earnt 110K a year between us, had no debt whatsoever and still found it hugely difficult to buy our first home. I feel sorry for those not as well off as we are
Commenting is closed

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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