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Mortgage Rates Daily Commentary
Thursday 17 October 2019  Add your comment
BNZ cuts rates; Mortgage Lab makes licensing call

BNZ is the latest big four bank to cut rates this week. BNZ has slashed 1, 2, 4, and 5 year fixed rates for owner-occupiers and investors. See how they stack up here.

At TMM Online, we hear from The Mortgage Lab and Kepa about their plans for the new regulatory regime. [READ ON].

 

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Banks follow OCR down

A rush of rate cuts has followed the Reserve Bank decision to cut the official cash rate this morning.

Thursday, September 10th 2015, 10:46AM

by Susan Edmunds

 Governor Graeme Wheeler cut the rate from 3% to 2.75%– a move that had been predicted by the markets.

A flurry of rate cuts followed.

Kiwibank made immediate cuts to its variable and floating rates – taking its floating rate to 5.9% from 6.15%.

ANZ dropped its floating rate to 5.99%.

Westpac cut its variable rate to 6%. It is also running a two-year special of 4.69%.

Earlier, BNZ and ASB rolled out specials of 4.35 per cent for one-year fixed rates.

Some commentators, such as David Hart of Loan Market and Squirrel’s John Bolton have suggested this is about as low as interest rates are likely to fall.

But others say there is some room yet to move.

Mortgage adviser Bruce Patten warned against taking a one-year term. He said borrowers could find the term expired just as rates started to rise again.

“A year is a long time in finance,” he said.

Patten suggested five-year rates could fall below 5%.  The best rate on offer at the moment is 5.09% from ASB.

“If we’re going to end up in a position similar to Australia, in Australia you can get a five-year rate for 4.39%,” Patten said. “We haven’t seen the bottom yet, in my opinion.”

Tags: OCR

« Further OCR cuts to comeKiwibank vies for apartment market »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 ▼4.05 ▼3.95 4.49
ANZ Special - ▼3.55 ▼3.45 3.99
ASB Bank 5.20 4.15 3.99 4.39
ASB Bank Special - 3.65 3.49 3.89
BNZ - Classic - ▼3.55 ▼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 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 5.15 3.18 3.18 3.20
Kiwibank 5.80 4.30 4.24 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.49 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 4.50 4.86 3.89 3.94
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.65 3.59 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 4.49 4.39 4.85
TSB Special 5.29 3.69 3.59 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 - ▼3.55 ▼3.45 3.99
Median 5.34 4.15 3.99 4.05

Last updated: 17 October 2019 8:52am

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