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Rates Update: Equitable puts focus back on NBDTs

Monday, November 29th 2010, 10:35AM 1 Comment

After a flurry of activity from banks in the short-term deposit space, it was a quiet week as borrowers likely took a breather to analyse the impact of their recent moves.

RaboDirect's 5.00% rate on 90-day term deposits is the best offer among major banks in the short-term space but many may consider Kiwibank's same rate on Notice Saver as a more attractive option. Kiwibank's product, however, requires a minimum investment of $2,000 and 32 days notice but is PIE compliant and can offer greater after-tax returns.

Non-bank deposit taking institutions are likely to come under focus in the coming weeks following a surprise receivership announcement by Equitable Mortgages late Friday. The unexpected development may prompt investors to once again look in to the merits of investing in finance companies, with or without the benefit of government's extended guarantee.

Last week saw Asset Finance raise the rate on 12-month debentures to 9.50% for a minimum investment of $500. That makes it the best rate behind FE Investments 10.00% but the latter requires a minimum investment of $5,000.

Asset Finance also cut rate for 2-5 year terms but at 10.75% on five year debentures, the B-rated company now offers the best interest rate.

The only other change came from PSIS which cut two-year deposit rates by 15 basis points, after raising that rate by 25 basis points in early October. At 5.85% the new offer is beaten by some credit unions and building societies who are offering 6.00-6.25% rate.

 

« Rates Update: BNZ maintains short term rate leadershipRates Update: TSB leads in one-year term »

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Comments from our readers

On 30 November 2010 at 1:40 pm garry106 said:
Four weeks ago I deposited 270 thousand with this company thinking as it was owned by the Spencer family it would be
a good safe place to deposit it.how wrong can you be.to make things worse I have now been told that I would only get back 250 thousand leaving me out of pocket 20000 dollars in four weeks. well done Spencer. this may be pocket money for you but it is a great deal to me.

Beris Ince.
Commenting is closed

 

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 6.79 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 7.74 7.39 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

Last updated: 20 May 2024 10:01am

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