Bank switching easier this year

As we launch into the New Year borrowers are aware that rate increases lie ahead - likely around the middle of the year. This will mean observing rates and getting the timing right to jump from floating to fixed will be critical in the months ahead.

Thursday, January 13th 2011, 11:28AM

Looking at the first interest rate changes for the year, HSBC increased its six-month and one-year fixed rates by 25 basis points for its Premier product with the rates still well below bank medians. However the rates are subject to a home loan of $500,000 or more.

In news, customers can expect switching banks to be easier this year as Payments NZ has enacted changes requiring greater co-operation between banks in the process and we talk to The National Partnership (TNP) about its new mortgage broking arm which is to be headed by NZ Mortgage Brokers Association boss Darren Pratley.

« Tis the season to be floating

Kiwibank tests the market »

Special Offers

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Lender

Flt

1yr

2yr

3yr

AIA - Back My Build

3.34

AIA - Go Home Loans

5.89

4.65

5.25

5.49

ANZ

5.79

▲5.39

▲6.09

▲6.29

ANZ Blueprint to Build

7.39

ANZ Good Energy

1.00

ANZ Special

▲4.79

▲5.49

▲5.69

ASB Bank

5.79

4.65

5.25

5.49

ASB Better Homes Top Up

1.00

Avanti Finance - Near Prime

6.35

Avanti Finance - Specialised

7.45

Basecorp Finance

6.35

Lender

Flt

1yr

2yr

3yr

BNZ - Mortgage One

5.94

BNZ - Rapid Repay

5.94

BNZ - Std

5.84

4.65

5.19

5.39

BNZ - TotalMoney

5.94

CFML 321 Loans

3.95

CFML Home Loans

6.05

CFML Prime Loans

6.25

CFML Standard Loans

6.95

China Construction Bank

6.44

4.85

4.95

China Construction Bank Special

6.44

5.85

5.95

Co-operative Bank - First Home Special

4.55

Lender

Flt

1yr

2yr

3yr

Co-operative Bank - Owner Occ

4.99

4.65

5.29

5.49

Co-operative Bank - Standard

4.99

5.15

5.79

5.99

Credit Union Auckland

7.70

First Credit Union Special

▲5.09

5.49

First Credit Union Standard

6.49

▲5.69

▲6.09

Heartland Bank - Online

▲5.80

5.89

Heartland Bank - Reverse Mortgage

7.99

Heretaunga Building Society

6.50

5.50

5.65

ICBC

5.39

4.49

▲4.99

▲5.25

Kainga Ora

5.79

4.59

4.95

5.19

Kainga Ora - First Home Buyer Special

Lender

Flt

1yr

2yr

3yr

5.75

5.65

6.19

6.35

Kiwibank - Offset

5.75

Kiwibank Special

5.75

4.75

5.29

5.55

Liberty

6.65

6.55

6.22

6.20

Nelson Building Society

6.49

4.69

5.09

Pepper Money Near Prime

6.55

Pepper Money Prime

5.99

Pepper Money Specialist

8.00

SBS Bank

5.84

5.29

5.79

5.99

SBS Bank Special

4.69

5.19

5.39

SBS Construction lending for FHB

3.74

Lender

Flt

1yr

2yr

3yr

SBS FirstHome Combo

3.29

4.19

SBS FirstHome Combo

SBS Unwind reverse equity

7.99

TSB Bank

6.59

5.49

6.05

6.29

TSB Special

5.79

4.69

5.25

5.49

Unity First Home Buyer special

4.09

Unity Special

5.79

4.80

5.29

Unity Standard

5.79

5.60

6.09

Wairarapa Building Society

6.15

4.95

5.45

Westpac

5.89

5.39

5.79

6.09

Westpac Choices Everyday

5.99

Lender

Flt

1yr

2yr

3yr

Westpac Offset

5.89

Westpac Special

4.79

5.19

5.49

Median

5.94

4.80

5.45

5.49

NZ's Financial Adviser News Centre

News

Bank switching easier this year

As we launch into the New Year borrowers are aware that rate increases lie ahead - likely around the middle of the year. This will mean observing rates and getting the timing right to jump from floating to fixed will be critical in the months ahead.

Thursday, January 13th 2011, 11:28AM

Commenting is closed