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Mortgages

Mortgage Rates Daily Commentary
Thursday 3 October 2024  Add your comment
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This new research is a bit of a head scratcher. Apparently most New Zealanders don't know about mortgage advisers; yet something like two thirds of home loans each year are orginated by advisers.

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Lowest rate on market aims to win borrowers’ hearts

In the latest bid to wrest control of the mortgage rates battle, SBS is offering a special five year fixed rate of 4.99%.

Tuesday, March 10th 2015, 6:00AM

by Miriam Bell

This rate is currently the lowest on offer in the highly competitive market. Its closest contender is HSBC’s special five year fixed rate of 5.29%, which comes with strict conditions.

SBS Bank chief executive Wayne Evans said current market conditions mean that the banks are all competing for the hearts and minds of the borrowing public.

He said the 4.99% rate is one of the Southland-based bank’s points of difference. (See how it stacks up here).

“As a members' bank, we have a degree of freedom and we believe in the importance of respecting our members and offering them some tangible benefits.”

The rate was made possible by the yield curve, he said.

“It has meant we will be lowering margin expectations, but we expect to see value over five years as we build up our relationships with members.”

SBS’s rate is only available for new residential lending over $100,000 with a minimum of 20% equity – although Evans said it is possible for existing members to change to the rate if they inject new lending of $100,000.

The rate will only be available for a set time period, but the bank is continuing to monitor the dynamic market conditions before it sets a final date.

To see how SBS's rate compares to others check out our table sorted from lowest to highest on the five-year term here

« No surprises expected in OCR this week, but plenty to look forWhat the Reserve Bank said »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 6.35 5.79 5.79
ANZ 8.39 ▼6.79 ▼6.29 ▼6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.19 ▼5.69 ▼5.69
ASB Bank 8.39 6.35 5.79 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.15 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 6.35 5.79 5.69
Co-operative Bank - Standard 8.15 6.85 6.29 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.60 ▼6.10 -
First Credit Union Standard 8.50 ▼7.20 ▼6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.85 6.45 5.99 5.89
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 ▼6.69 ▼6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼7.05 ▼6.39 ▼6.39
SBS Bank Special - ▼6.45 ▼5.79 ▼5.79
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 ▼5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 ▼7.09 ▼6.59 ▼6.59
TSB Special 8.39 ▼6.29 ▼5.79 ▼5.79
Unity 8.64 ▼6.29 ▼5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.65 5.99 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.44 6.53 6.10 5.79

Last updated: 3 October 2024 9:23am

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