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ANZ has made changes to some of their Fixed Home Loan rates today.

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Low equity loans fine as long as priced properly: Church

Non-bank lender RESIMAC Home Loans has increased its longer term fixed rates and changed introduced new pricing tiers for its high LVR lending.

Monday, August 5th 2013, 2:42PM

RESIMAC New Zealand general manager mortgages, Adrienne Church, says the changes in pricing are to ensure what it charges is appropriate to the risk it takes on as a lender.

Besides its Lo-Doc product RESIMAC now has pricing to loans in 80-85% LVR band, 85-90% band and for loans with at least 20% equity.

There is now a 20 basis point loading for >80% LVR lending step for >85% lending (loans for 85.01-≤90% LVRs) will have an additional 50 point premium over the base rates. (See table below for full rates).

Church says RESIMAC has seen good lending volumes receiving more than $40 million in applications last month.

There is also demand for loans with less than 20% equity. It is the growth in this business which has prompted the changes in pricing.

She says it appears that the major trading banks are steering clearing of low equity loans with all the talk around the Reserve Bank introducing macro-prudential tools.

RESIMAC has seen the banks turn away perfectly good deals, which she is prepared to write as long as the loan is priced appropriately.

Church’s message to brokers is that it will write low equity loans.

RESIMAC's low equity margin loadings which can be capitalised into the loan. They are 20 basis points where the LVRs between 80.01-≤85% LVR and 50 points for 85.01-≤90% LVR.

 

  Variable 1 year 2 years 3 years 4 years 5 years
< 80.0% 5.59% 5.35% 5.65% 6.05% 6.30% 6.60%
< 85.0% 5.79% 5.55% 5.85% 6.25% 6.50% 6.80%
< 90.0% 6.09% 5.85% 6.15% 6.55% 6.80% 7.10%
Lo Doc 6.59% 6.35% 6.65% 7.05% 7.30% 7.60%
« Two banks join RealMe; another thinks about itLVR lending restrictions may not materialize »

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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 ▼7.45 ▼7.09 ▼6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.85 ▼6.49 ▼6.35
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 - ▼6.85 ▼6.49 ▼6.39
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.45 ▼7.09 ▼6.99
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 - ▼6.59 - -
Co-operative Bank - Owner Occ 8.40 ▼6.79 ▼6.49 ▼6.35
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.29 ▼6.99 ▼6.85
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 ▼6.35 ▼6.15
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 ▼7.75 ▼7.39 ▼7.19
Kiwibank - Offset 8.50 - - -
Kiwibank Special - ▼6.85 ▼6.49 ▼6.39
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 6.44

Last updated: 19 July 2024 9:21am

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