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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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New proposal for banks off-quarter reporting

Changes to banks’ off-quarter disclosure requirements are the subject of a new Reserve Bank proposal.

Monday, December 21st 2015, 2:34PM

by Miriam Bell

In a bid to make banks’ off-quarter disclosure requirements less costly and more timely, the RBNZ is proposing that banks should adopt a new “dashboard” mechanism.

The proposal comes as part of the RBNZ’s recently-released conclusions on its stocktake of the rules applying to banks, finance companies and similar institutions.

Consultation on improving the efficiency, clarity and consistency of the rules for banks and non-bank deposit takers (NBDTs) took place from July to September 2015.

One of the key issues was the content and frequency of the disclosure statements that banks have to publish.

In particular, changes were proposed to the current requirement that banks must prepare “off-quarter” disclosure statements.

Most banks supported the idea of removing the requirement for prepare off-quarter disclosure statements altogether.

However, Reserve Bank Deputy Governor Grant Spencer said disclosure is fundamental to good market discipline, which is a key pillar of the RBNZ’s supervisory approach for banks.

Locally incorporated banks must provide some form of quarterly disclosure, but this could be done in a more timely and accessible manner, and at lower cost to the banks, he said.

For this reason, the RBNZ is now looking into the possibility of a new mechanism for providing these off-quarter disclosures.

This would involve the RBNZ publishing a quarterly electronic “dashboard” of key financial information on individual banks.

The information would be drawn from the statistical and prudential returns that the banks submit privately to the RBNZ.

Spencer said because the concept arose from further reflection on how to best address several issues, more consultation on it was required.

“We’ll develop a more detailed proposal for the dashboard in discussion with banks and other interested parties.” 

As a result of the stocktake, the RBNZ plans to enhance the transparency of its policy-making process by strengthening the communication around it.

Spencer said there was broad support for many of the RBNZ’s proposals, like improving the drafting and layout of the documents that lay out the rules for banks.

“We also received useful feedback on several matters relating to the prudential requirements for NBDTs, and will carry out further work on these.”

Capital requirements for banks were originally part of the stocktake, but the consultation document did not make material proposals on them.

However, some issues on capital requirements have been flagged for future work. There are also separate initiatives currently underway outside the scope of the stocktake.

Tags: banks finance companies RBNZ

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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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