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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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Low equity loans for good brokers only

Non-bank lender RESIMAC is restricting its low equity lending to brokers who meet certain standards and it has also made some changes to its pricing 

Friday, October 11th 2013, 7:37AM

RESIMAC, which only offers its loans through mortgage advisers, is limiting it to those  who are loyal and meet specified requirements.

General manager Adrienne Church says it is restricting low equity lending to "selected relationship" to ensure its high LVR loans remain viable for the long term, that they are priced correctly and advisers are rewarded for loyalty and fully packaged deals.

She says RESIMAC's quality expectations for deal packaging and portfolio balancing include having appropriate LVR spreads (i.e: not all low equity lending), product diversification and conversion rates. The rules are subject to a monthly review to ensure RESIMAC Home Loans portfolio remains balanced.

"Existing pipeline deals will be honoured for everyone," she says.

RESIMAC will also Introduce:

  • A hard LVR cap of 90%.
  • Increase low equity margins to 0.50% for 80.01%-85% LVRs and to 0.90% for 85.01-90% LVRs.
  • Borrowers’ will now be charged the interest rate applicable to the final LVR (loan amount inclusive of fees), for example, if the loan amount inclusive of fees exceeds 85% LVR then the 90% interest rate will be applied.

“These changes are necessary to ensure we are able to continue to support our selected business partners write high LVR business. This shows RESIMAC Home Loans is committed to continuing to be a real alternative to New Zealand’s major banks,” Church says.

To add to these changes and in order to reward brokers for submission quality and to improve turnaround times, RESIMAC Home Loans will also introduce a ‘packaging bonus’ and a ‘priority channel’ for fully packaged deals (excluding valuation) regardless of the LVR.

Brokers that submit a fully packaged deal will be rewarded with a packaging bonus of $250 payable when the loan settles. This bonus is designed to incentivise brokers to submit applications that meet all of RESIMAC’s requirements and to improve turnaround times, this will be available until January 31.

« More deals offered for those with equityWestpac reassesses preapprovals »

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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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