tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, April 19th, 6:45PM

Mortgages

Mortgage Rates Daily Commentary
Thursday 18 April 2024  Add your comment
Reserve Bank not even glancing at OCR cuts; Lifetime Home Master Class Auckland

High and persistent domestic inflation is going to dampen any enthusiasm by the Reserve Bank for OCR and subsequently interest rate cuts any time soon. [READ ON]

Lifetime Home is the latest innovation from retirement income specialists, Lifetime Retirement Income.

Join Lifetime’s founder and managing director, Ralph Stewart and Chief Marketing Officer, Chelsea Devlin at one of six master classes to find out everything you need to know about Lifetime Home.

Register today to secure your spot for 1 May at Level 30, PwC Tower, 15 Customs Street West, Auckland  [Click here]

rss
Latest Headlines

Westpac CEO on rate rise

Westpac’s chief executive Peter Clalre says the bank’s decision to raise its Choices Everyday revolving credit home loan rate by 15 basis points reflects its appetite for that product.

Tuesday, November 6th 2012, 6:22AM

by Susan Edmunds


The rate rise last month prompted complaints from customers.

Brokers spoken to by Good Returns said they could not understand the reasoning behind the move when home loan rates in general have been flat or falling.

Clare said: “We price our products across the full range of deposits and loans according to a range of criteria. It depends on our appetite for that type of product. At this point, with that product, that rate is right for us.”

He said it was too early to say with any certainty whether the bank’s campaign to woo disillusioned National Bank customers was working.

“A couple of anecdotal indicators seem to point to National Bank shedding a few more customers and we had a higher number of new-to-bank customers in October than last year. We measure switching in and out. National Bank may be slightly overrepresented there.”

Clare said credit growth was muted in New Zealand at present, which was particularly had for banks as it had been strong before the global financial crisis. “Organisations don’t like seeing volumes fall so you end up in vigorous competition.”

He said that was seen both in pricing and in banks widening their risk appetites.

Westpac is now offering more than 95% lending for customers that meet its criteria.

Westpac New Zealand yesterday announced a 22% increase in cash earnings to $707 million for the year ended September 30, 2012.

The bank reported a 10% increase in core earnings driven by a 7% increase in net operating income. This, and a 21% decrease in impairment charges, led to the 22% increase in cash earnings.

Home loan balances increased 3% and business lending increased 4%. Asset quality has improved as both business and consumers focus on lower levels of gearing.

Clare said mobile banking was the next big thing for the bank. It is now tipped to grow faster than internet banking has over the past 10 years.

« OCR low but not foreverLVR limits off the table (for now) »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
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 6.75 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 6.75 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 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 8 April 2024 9:21am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com