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Mortgages

Mortgage Rates Daily Commentary
Friday 3 July 2020  Add your comment
TSB makes big rate cuts; Bank profits drop 20%

This morning TSB has made some significant cuts to its home loan lineup. Its 18 month special falls by 30 basis points, and its six-month home loan drops by 40 basis points. See the latest rates here.

With record-low rates and Covid-19 to contend with, bank profits are taking a big hit this year. KPMG's latest report shows profits fell by 20% in the first quarter: [READ ON]

 

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NZF promises new products for brokers

NZF Group has promised new products for advisers as it looks to grow its share of the non-bank lending sector in New Zealand.

Thursday, October 27th 2011, 7:00AM

by Niko Kloeten

The group has had a tough couple of years and its subsidiary NZF Money was recently put into receivership, forcing NZF Group to include a loss on discontinued operations of $10.7 million for the current financial year.

However, its deal to sell a majority stake in its home loan business to Australian non-bank lender Resimac is nearly complete, and NZF Group chief executive Mark Thornton said the deal would mean good things for advisers who work with NZF.

He said NZF would look at producing new products for advisers after the deal went through.

"We want to deal with brokers on a volume basis – it's the 80/20 rule," he told Good Returns.

"However, we build such business by dealing with all brokers and they need a good range of products."

These products would include LMI (lenders mortgage insurance) covered mortgages and non LMI-covered mortgages, he said.

Thornton said the products would be mostly targeted at mortgage brokers, particularly in the major population centres.

He also said Resimac would bring valuable experience from dealing with its large force of advisers across the Tasman, where it has funded more than A$12 billion of mortgages.

Despite the slow housing market, Thornton was confident of growing NZF's share of the mortgage market whichever way house prices went.

"The fundamentals are not going to get any worse, and if it did we have such a small portion of the market we can almost disregard the trend.

"And in such a market the banks cannot lend as quickly as a non-bank lender."

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« Deteriorating growth outlook likely to keep rates on holdInterest rates on hold for now »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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