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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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Consumer confidence stats won't change RBNZ mind: ASB

The strongest consumer confidence figures in three years are not enough to convince ASB that the Reserve Bank will move the official cash rate before the end of the year.

Monday, June 17th 2013, 1:54PM 1 Comment

by Susan Edmunds

Statistics out today in the latest Westpac McDermott-Miller Consumer Confidence survey show the index jumped to 116.6 in the June quarter, up from 110.8 in March and the highest level since June 2010 when it touched 119.3.  Any reading over 100 indicates there were more optimists than pessimists.

Westpac chief economist Dominick Stephens said: “People are shifting out of saving mode and into spending model. The survey also chimes with our long-held view that low interest rates and a rising housing market would boost spending. The shift away from saving towards spending was especially pronounced among older households and Aucklanders – precisely those people who have benefitted most from the housing market upturn.”

The OCR was left at 2.5% last week but Governor Graeme Wheeler is keeping an eye on the property market and its potential to boost consumer spending, funded by increasing debt levels.

The survey showed a net 10.1% expect their own finances to improve, up from 7.2% in the previous survey. A net 35.4% expect their longer-term economic outlook to improve, up from 32.1%, and a net 34.4% think now is a good time to buy a major household item, up from 30.8%.

ASB chief economist Nick Tuffley said Wheeler would see the results as a sign the economy was finding a firmer footing. “It’s another sign that households are becoming a lot more confident and comfortable with their financial situations.”

He said the Reserve Bank had noted that rises in consumer spending could not be attributed solely to rising house prices and people doing work on their properties.  But he said the results were more or less in line with expectations.

Tuffley said ASB was still predicting a rise in the OCR to 2.75% next March because there were signs that inflation pressure would gradually pick up over time. He said macroprudential tools could be used to delay an OCR rise, or limit the level to which it rose.

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Comments from our readers

On 5 July 2013 at 11:42 am AFA Muggins said:
It doesn't matter what the RBNZ does - they will follow the banks anyway, as always.

Look at what is happening with rates right now and in the last few weeks.

It is obvious that the banks set the agenda, not the RBNZ.

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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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