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Mortgage Rates Daily Commentary
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Kiwibank-BNZ takeover talk heats up; BNZ aims for investor market

Could Kiwibank buy BNZ? Takeover talk has intensified this morning: [READ ON]

Meanwhile, BNZ has dropped investor home loan rates to the same level as owner-occupier rates this morning, as competition for a resurgent investor market heats up: [READ ON]

 

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Borrowers move to fixed rates

The Reserve Bank’s ability to have an instant impact on borrowers with its interest rate increases is fading quickly.

Tuesday, July 1st 2014, 1:34PM

Borrowers are flocking to fixed-rate mortgages to provide protection against looming official cash rate hikes, which have been well-signalled by the Reserve Bank.

The Bank has been optimistic about its ability to have an impact with OCR hikes because three-quarters of New Zealand mortgages have been on floating rates or fixed for short terms.

But that may be changing.

The latest statistics show there was $64.3 billion of home loans on floating rates at the end of May, about a third of the total by value.

That’s down 1.8 percentage points on the month before, the second-biggest drop since the data series began in 1998. The biggest fall was this March, down 2.7 percentage points.

The value of mortgages on terms up to one year dropped in May compared to April. Terms between one and two, and two and three years became more popular.

Banks have been promoting special rates for two-year terms, which have been cheaper than one-year rates in many cases.

Many of these specials have now started to be removed.

There was also an increase in the amount of lending on rates of three to four years, but the amount on longer terms decreased, possibly reflecting the fact that some of the longer-term rates still seem pricey by comparison.

« OCR might be near 4% without LVR rules[MRadio] The not-so-special specials »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.55 3.89
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 ▼4.65 ▼4.80 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank ▼5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 ▼4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 ▲3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society ▼5.50 ▼3.95 ▼4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.97 4.05 4.39

Last updated: 24 January 2020 8:55am

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