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Last Article Uploaded: Wednesday, October 27th, 3:33PM

Mortgages

Mortgage Rates Daily Commentary
Tuesday 26 October 2021  Add your comment
What do retired bank CEOs do? Find out here

We've had a few banks get new CEOs this year. Two of the big banks, BNZ and Westpac have new leaders. SBS Bank CEO Shaun Drylie stepped aside recently and made some pointed comments.

Also, The Co-Operative Bank CEO David Cunningham stepped down. Instead of picking up some new gig in banking he is off on @DavesBikeDream. Yesterday David started on a Make-A-Wish fund raising cycle trip from the bottom of the South Island to the top of the North Island. His goal is to raise $30,000 for the charity so it can grant the wishes of New Zealand children who have critical illnesses to give them hope, strength and joy.

If you would like to tip a few dollars into the pot for a great cause then click here.

TMM is onboard and I hope you will join us supporting David.

We are seeing a raft of increases in home loan rates - see all the red below.

The mortgage industry had to work harder to help people buffeted by economic turmoil to switch their mortgage arrangements, a webinar on product replacement has been told.[READ ON]

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Local flavour makes for bank winners

It seems that locally owned banks rule the roost when it comes to customer satisfaction, with three New Zealand banks taking out the top awards in Consumer NZ’s latest awards.

Monday, April 24th 2017, 10:23AM

by Miriam Bell

Consumer NZ has just announced the results of its 2017 People’s Choice Awards and TSB Bank, The Co-operative Bank and Kiwibank have taken out the top spots.

TSB Bank came in first, for the second year running, with an overall customer satisfaction result of 87%.

It was followed by first-time winners The Co-operative Bank with a 77% result and Kiwibank with a result of 71%.

Consumer NZ general manager – business Derek Bonnar said the local banks outperformed their Australian-owned rivals when it came to keeping customers happy.

The survey found these three New Zealand-owned banks were a step ahead when it came to customer satisfaction, he said.

“Two-thirds of TSB Bank and Kiwibank customers rated doing business with a New Zealand-owned company as a key benefit.

“Local bank customers were also less likely to be paying monthly account fees – as a result, they were more likely to feel the bank’s fees were reasonable.”

The People’s Choice winners are chosen via Consumer NZ’s banking survey, which has a sample of 1085 New Zealanders aged 18.

Bonnar said a brand must be a standout performer in terms of customer satisfaction to receive a People’s Choice award and it was unusual to have three winners in one category.

“However, all three banks deserve the recognition and we congratulate them on an outstanding achievement.”

All three of the banks chief executives said they were very pleased with the results and pointed to a focus on customer service as being key.

Kiwibank chief executive Paul Brock said the award endorses the need for New Zealand-owned banks to provide choice for consumers.

“It also reinforces the need to never lose focus on customer service.

“Customer support, loyalty and satisfaction are the true measures of how successful the bank really is.”

The Consumer NZ results come at a time when banks are facing challenging times with higher funding costs and increased regulation from the Reserve Bank.

New Zealand’s biggest four banks, which are all subsidiaries of Australian banks, also face some pressure from their parent banks in some areas.

This has led to tighter lending conditions and rising interest rates for bank customers.

Read more:

Interest only loans come under the spotlight 

Aussie banks told to scrap commission payments

Tags: banks Kiwibank The Co-operative Bank TSB

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▲3.25 ▲3.75 ▲3.99
ANZ 4.59 ▲3.84 ▲4.30 ▲4.54
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲3.24 ▲3.70 ▲3.94
ASB Back My Build 2.04 - - -
ASB Bank 4.45 ▲3.25 ▲3.75 ▲3.99
Basecorp Finance 5.49 - - -
Bluestone ▲3.74 ▲3.54 ▲3.89 ▲4.09
BNZ - Classic - ▲3.24 ▲3.79 ▲3.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.70 ▲3.84 ▲4.39 ▲4.59
BNZ - TotalMoney 4.70 - - -
CFML Loans 5.15 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 ▲4.10 -
Credit Union South 5.65 3.95 ▲4.10 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC ▲4.15 ▲2.89 ▲3.29 ▲3.49
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 4.00 ▲4.14 ▲4.44 ▲4.84
Kiwibank - Offset 4.00 - - -
Kiwibank Special 3.75 ▲3.29 ▲3.59 ▲3.99
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 3.05 3.45 3.75
SBS Bank Special - 2.55 2.95 3.25
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.79 - -
The Co-operative Bank - Owner Occ 4.55 ▲2.99 ▲3.60 ▲3.89
The Co-operative Bank - Standard 4.55 ▼3.49 ▲4.10 ▲4.39
TSB Bank 5.34 ▲3.75 ▲4.20 ▲4.44
TSB Special 4.54 ▲2.94 ▲3.40 ▲3.64
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.84 ▲3.79 ▲4.39 ▲4.59
Westpac - Offset 4.84 - - -
Westpac Special - ▲3.19 ▲3.79 ▲3.99
Median 4.57 3.24 3.70 3.99

Last updated: 27 October 2021 8:49am

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