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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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Chances of an OCR increase early next year rise

Economists don’t expect an interest rate increase from next week’s official cash rate announcement, but they are hedging their bets when the rise will come.

Tuesday, December 3rd 2013, 10:26AM

Economists surveyed by www.mortgagerates.co.nz where unanimous in their view that the Reserve Bank would leave the OCR at its historic 2.50% low next week.

Likewise nearly all of them were picking that the first OCR increase in three  years would come on March 13 next year. Almost three years to the day when it was cut 50 basis points.

We also asked economists what probability they put on an OCR increase in Janaury rather than March.  None of them ruled out the chance of an early increase and some put the probability as high as 30%.

Westpac’s economists said the market had priced in a 40% chance that the first movement in the cash rate could come next month.

But they said they did not agree. “We feel that the hurdle for January is too high, given the RBNZ’s concern about the high exchange rate and the need for more data on how its loan-to-value ratio restrictions are affecting the housing market.”

Inflation was expected to remain subdued for a while longer and even if the dollar were to fall significantly, it would be several months before the Reserve Bank was able to get an impression of whether the LVR restrictions had made any dent in rising house prices.

“RBNZ has made it clear that a slower rate of house price growth will be the measure of success for macro-prudential policy. Given the typical lags in the housing market, it could be several more months before we have a clear sense one way or another about the impact on house prices.”

Early indicators are that borrowers with more equity are stepping into the space left by deserting first-home buyers, and Westpac’s economists said that tallied with predictions of only a small impact on house price growth – and hiking starting in April.

BNZ economist Craig Ebert said there were still fears that the LVR restrictions could cause the housing market to collapse.

But he said the fact that the most recent household credit data showed a 0.5% expansion, the same pace as September and August, would help allay fears.

“As for those trying to read negativity into the news of a 0.6% fall in residential building consents for October, they need to realise it’s a very noisy series at the best of times, which is why we keep an eye on the many leading indicators. And these, for home-building, are very positive. We also note that consents for home renovations are really perking up now, while for non-residential construction are gaining in annual growth terms. “

« Higher-equity borrowers pick up mortgage slackWestpac enticing first home buyers to save »

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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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