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Mortgages

Mortgage Rates Daily Commentary
Monday 25 May 2020  Add your comment
Kiwibank launches record low rate: compare the market

This week kicks off with a record low rate, as Kiwibank's previously announced 2.65% home loan comes into effect this morning. 

ASB's sharp 2.69% two-year loan was launched over the weekend. Expect more movement this week as rivals follow.

With so many changes, keep track of the latest rates and compare the market here.

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Floating mortgage rates unlikely to rise for several months

Floating mortgage rates are unlikely to rise for several months after Reserve Bank governor Alan Bollard confirmed market expectations by leaving interest rates unchanged.  

Thursday, October 28th 2010, 10:02AM

by Jenny Ruth

Bollard left his official cash rate (OCR) unchanged at 3% and his statement had little impact on wholesale interest rate pricing which indicates the next upward move in the OCR will be March next year at the earliest.

Bollard acknowledged recent weaker than expected data and muted housing market activity and consumer spending but says the medium term outlook remains broadly in line with the central bank's September forecasts.

"They've tried to play it with a straight bat. They've constructed the language to elicit no movement in market pricing," says Brendan O'Donovan, chief economist at Westpac.

"They're effectively discounting the recent data and telling the market you've priced it in, let's not take it any further."
Bollard did say "it remains likely that further removal of monetary policy support will be required at some stage."

Robin Clements at UBS New Zealand agrees Bollard doesn't want to rock the boat and the only part of the statement which is open-ended is what constitutes "at some stage."

Darren Gibbs at Deutsche Bank says while New Zealand and most major economies have experienced a weak patch through the September quarter, the latest business confidence surveys here and offshore suggest we may have reached a turning point.

Yesterday's survey showed New Zealand business confidence bounced back from a 15-month low. "I don't see any reason why the Reserve Bank should become more negative about the outlook," Gibbs says.

 

« Bollard keeps OCR at 3%, but tightening expectedBluestone fails to stop ComCom legal action »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 ▼3.29 ▼3.45 ▼3.85
ANZ Special - ▼2.79 ▼2.95 ▼3.35
ASB Bank 4.45 ▼3.35 ▼3.19 ▼3.85
ASB Bank Special - ▼2.85 ▼2.69 ▼3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 2.99 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.75 3.99 4.39
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 ▼2.80 ▼2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 3.55 3.85 4.14
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - ▼2.65 ▼2.79 ▼3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - ▼2.99 ▼3.05 3.69
The Co-operative Bank - Owner Occ 4.40 3.09 3.35 3.69
The Co-operative Bank - Standard 4.40 3.59 3.85 4.19
TSB Bank 5.34 ▼3.59 ▼3.79 ▼4.19
TSB Special 4.54 ▼2.79 ▼2.99 ▼3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.79 ▼2.79 3.39
Median 4.55 3.50 3.79 3.69

Last updated: 25 May 2020 5:00am

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