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Mortgage Rates Daily Commentary
Friday 20 September 2019  Add your comment
SBS rate cut; OCR preview

Good morning.

As Spring kicks in, another bank has slashed mortgage rates.

SBS Bank’s 3 year rate drops to 3.89%, level with ASB. Check out our rates table here.

Meanwhile, economists have told us they don’t expect the Reserve Bank to cut the Official Cash Rate next week. See why here: [READ ON].

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ANZ staff drive solid result

Like the BNZ, ANZ has described its results for the 12 months to September 30 as “solid”.

Friday, October 31st 2014, 5:33PM 1 Comment

While BNZ chief executive Antony Healy noted growth in the lending markets as one of the highlights, ANZ chief executive David Hisco attributed it to the bank’s frontline staff, even though some staff are taking industrial action at the moment.

Hisco said very few of the bank’s staff belong to First Union which is taking the action.

He said “the bank is not a partnership”. It had to earn a return for its shareholders on the $10 billion worth of capital invested in the company.

ANZ’s return on equity “was nothing special,” he said.

ANZ lifted its annual earnings 17% in the 12-month period. Cash profit rose from $1.43 billion to $1.68 billion. Statutory net profit climbed 25% to $1.71 billion.

Operating income increased 7% to $3.76 billion, while expenses fell 2% to $1.46 billion.

Hisco also said that the integration of National Bank into the business was helping performance.

“We have continued to reduce duplicated costs and build a simpler, more productive business following our National Bank and ANZ brand merger in late 2012.”

Hisco said ANZ had seen market share growth in lending and deposits, cost productivity and credit quality improvements.

It was now the number one residential lender in Auckland and Christchurch, markets normally dominated by ASB and Westpac respectively.

« Co-operative Bank loses court battle over brandingLVR restrictions to stay for some time »

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Comments from our readers

On 12 November 2014 at 8:19 am Ricardo said:
Open note to Mr Hisco. As a customer of your bank, and bearing in mind your massive pay and now massive payrise and overall bank profits, please pay your staff a decent rate and stop flogging them to death. It might be all roses at your level, but your workers are putting in longer hours with associated stress and as a customer it shows.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 ▼4.04 4.49
ANZ Special - 3.65 ▼3.54 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.49 3.99
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 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 ▼3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 20 September 2019 9:30am

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