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Last Article Uploaded: Friday, November 16th, 8:30PM
Mortgage Rates Daily Commentary
Friday 16 November 2018  Add your comment
Banks do the limbo

It's been a pretty eventful week with most of the banks getting into the summer spirit and doing the limbo with interest rates. We've seen record low fixed interest rates set by a number of banks during the week. The only two not to join the party are Kiwibank and BNZ; however we are hearing stories that Kiwibank are writing loans under 4%. The irony is Kiwibank started the sub-4% dance in mid-August. 

Its relatively-new CEO Steve Jurkovich did say earlier this year he was "not a massive fan of being rates driven". See here

To get a good look at how the one-year term is looking we have the table sorted lowest to highest here.

Westpac have put out its latest Home Truths report and says that house prices will rise over summer and begin to fall in 2020. [READ ON]

 

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NZ Home Loans hits $1 bill mark

New Zealand Home Loans has, for the first time ever, settled more than $1 billion in home loans in a year making it one of the biggest mortgage groups in the country.

Thursday, December 13th 2012, 9:33AM

NZ Home Loans is a subsidiary of Kiwibank's parent, NZ Post, and write mortgages primarily with Kiwibank, Sovereign and Liberty Financial. Over its total loan book is sitting near the $4 billion mark

The $1 billion was reached after a record week for the business where $31.3 million of loans were settled and a best ever loan month in November with $121.3 million settled. The previous best month was $109.3 milion in December last year.

Much of the growth this year has come from the Auckland market which as a region has grown over the past year from 27% to 43% of the company’s home loan portfolio with the number of branches doubling over the past two years to the present 18.

NZ Home Loans chief executive Mark Collins beleives the result is a testament to its unique approach that prioritises getting clients out of debt, not into it.

 

“Our model seems to be striking a chord with New Zealanders who are treading carefully in today’s economic conditions and housing market, and making every penny count.”

“People are saying they are coming to New Zealand Home Loans because we don’t just lend money and leave the hard work of paying it off solely to them. They get ongoing advice, support, tools and reviews to manage and reduce their debt, and create wealth.”

Collins says the company is also experiencing "an unprecedented level of interest in new consultants" joining the company.

He says they enter the company’s training and mentoring programme from which they ultimately progress to become business owners. This, in conjunction with the growing awareness of the unique service New Zealand Home Loans offers, bodes well for our on-going growth which we are forecasting to be around 25% in 2013.”

NZ Home Loans has a network of 60 franchises. Ten new branches have opened in the past year.

« RBNZ talks about new toolsMortgage fraudster sent to jail »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 ▼4.45 ▼4.79 4.99
ANZ Special - ▼3.95 ▼4.29 4.49
ASB Bank 5.80 ▼4.44 4.69 ▲4.89
ASB Bank Special - ▼3.95 4.29 ▲4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.15 ▼3.99 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.85 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.19 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 ▼4.45 4.69 ▲4.89
Sovereign Special - ▼3.95 4.29 ▲4.49
The Co-operative Bank - Owner Occ 5.75 ▼4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 ▼4.60 4.85 4.99
TSB Bank 5.80 ▼4.45 4.69 4.99
TSB Special - ▼3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - ▼3.95 4.29 4.49
Median 5.89 4.45 4.69 4.79

Last updated: 15 November 2018 10:05am

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