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Mortgage Rates Daily Commentary
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More lenders cut short-term rates

Thursday, March 3rd 2011, 3:23PM 1 Comment

There are now 16 lenders overall that have made cuts to short-term rates with PSIS, AMP, Kiwibank, BNZ and Credit Union Baywide joining the other 10 outlined in yesterday's story.

BNZ has made the smallest cuts to short-term rates so far, slicing 10 basis points off one-year and 18-month rates which now sit at 6.35% and 6.45%. The two year and three year rates have been cut by 15 and 16 basis points respectively, while four and five year rates have had five basis points shaven off.

Kiwibank's limited time special in the six-month rate has been cut by 36 basis points to 5.59%, the one-year rate has a 50 basis point drop to 5.95%, two and three years by 19 basis points to 6.40% and 6.90%. Four and five-year rates have also seen reductions of 15 and 10 basis points respectively.

AMP has dropped six-month and one-year rates by 50 basis points, 18-months by 40 and two and three year rates by 10 and 11 basis points.

PSIS dropped its six-month rate by 35 basis points and its one-year rate by 45 basis points with both now sitting at 5.95%. It's two and three-year rates were sliced by 15 basis points and the four-year rate by five basis points.

Credit Union Baywide cut six month and one year rates by 50 basis points and two and three-year rates by 20 basis points.

The changes by lenders have been made in response to the sudden drop in swap rates following last week's earthquake as the markets expectations around the Official Cash Rate (OCR) changed to predict a cut by the Reserve Bank.

The Reserve Bank will review the OCR in its Monetary Policy Statement next Thursday  and if the predictions of bank economists are correct, a 50 basis point cut from 3.00% to 2.50% could be on the cards.

« Working out Westpac's home loan bookEconomists divided on OCR announcement »

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Comments from our readers

On 4 March 2011 at 3:20 pm Darcy Ungaro said:
This surely has to be one of the best times to purchase property. Falling interest rates, stable property prices, number of properties for sale picking up - get out there people and get buying!
Commenting is closed

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
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 - 7.24 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 7.84 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 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 6.69 6.45 6.19
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 6.75 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 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 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 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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