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Mortgage Rates Daily Commentary
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[Opinion] Putting the RBNZ's new capital rules into perspective

There's been a lot written about the Reserve Bank's new capital rules for banks and some of it seems to miss the mark. Here's my take after hearing from the governor yesterday.

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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
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 3.45 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 ▼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 4.80 4.95 -
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 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 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 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 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 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

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