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Mortgages

Mortgage Rates Daily Commentary
Thursday 11 July 2024  Add your comment
One bank cuts home loan rates

Westpac has cut three of its home loan terms between 10 and 25 basis points.

The biggest cut is to its one-year rate which is down to 6.89% and 7.49% for its Special and Standard rates respectively.

To see how it stacks up against other lenders check our table here where we have sorted on lowest to highest one-year rate.

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The Co-operative Bank's latest changes

The Co-operative Bank has an attractive three-year special home loan rate, is reviewing one of its floating rates and started a push into the Auckland market.

Wednesday, March 27th 2013, 5:41PM 1 Comment

The Co-operative Bank has rolled out a three-year special home loan rate of 5.49%.  It is available to borrowers with at least 25% equity in the property.

Their standard three-year fixed rate is unchanged at 5.75%.

The bank is also planning to withdraw its discounted floating rate which offers customers a 0.5% discount on the floating interest rate for the first 12 months of their loan term. However, borrowers have to have a minimum loan term of three years.

At the end of the 12 month period, the loan automatically reverts to the standard floating rate.

The product has been around for some time but the bank feels the concept has now passed its purpose as many borrowers negotiate down their floating rate.

Push into Auckland
General manager customer banking David Cunningham says the bank is starting a big push into the Auckland market. Currently it has seven branches in New Zealand’s biggest city and is looking to add another half dozen over the next few years.

As part of this push it has also appointed its first mobile managers. They started this week and will deal with personal lending as well as home finance.

Cunningham says mobile managers work well in the bigger cities like Auckland, Wellington and Christchurch as it is harder to get to a branch than in smaller cities.

One of the new mobile managers is a former branch manager and the other came from another bank.

« Customers switch banks at twice normal rateLo-doc for Christchurch »

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Comments from our readers

On 22 April 2013 at 3:38 pm Alan said:
This bank has a new CEO he has gone in and equaled all competitors costs and interest rates let me remind you this bank has a BBB- rating and yet it is paying less interest on deposits than AA banks. Rabo for example, on this comparison, the Co-Operative Bank should be paying depositors, a higher interest rate to more reflect the risk, this bank is supposed to be owned by it's customers, for the benefit of the customers, there are no customer benefits for the owners anymore it is just another bank now where any benefits are for the board and staff. I would like to tell you, I/we and my siblings will be exiting, to a far more highly rated bank, with a hell of a lot less investment risk!!!!

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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 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 11 July 2024 1:26pm

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