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Last Article Uploaded: Wednesday, October 27th, 3:46PM

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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Focus on tone, not content, of OCR call this week

An official cash rate cut this week would come as a major surprise to all economists.

Monday, May 8th 2017, 6:00AM 1 Comment

by Susan Edmunds

A Good Returns poll shows economists are unanimous in their expectation that the Reserve Bank will keep the rate at 1.75% this Thursday.

Nick Tuffley, of ASB, said he was “99% sure” there would be no movement. He and Robin Clements, of UBS, said it would take a major global economic shock to change the OCR at the moment.

Clements said the focus this week would be on whether the Reserve Bank maintained its neutral stance. “We believe they will.”

Kiwibank’s economists agreed it would be the tone of the statement rather than the decision that captured the most attention.

“While we still expect the OCR to be on hold for a while yet, there have been several key data developments that have prompted us bring forward our view on the timing for an OCR hike. We now expect to see the RBNZ start lifting the OCR at the end of 2018, as opposed to mid-2019.”

At Westpac, economists said the challenge for the Reserve Bank was to keep inflation on target.

“Headline inflation has reached the 2% mark much sooner than expected, though partly due to some temporary factors that will wane over the coming year. Still, measures of underlying inflation have also been picking up for the last year or so, which suggests that the RBNZ will need to move away from the current loose monetary policy settings at some point.”

The economists surveyed expected the first increases to come in mid or late 2018.

“We expect the RBNZ’s interest rate projections to be more consistent with an OCR hike by late 2018. This would probably be neutral for financial markets on the day; an earlier start than previously signalled, but stopping short of endorsing market pricing for a hike by March next year,” Westpac's team said.

Tags: OCR forecasts

« ANZ half-year profit jumpsNo change to OCR: What RB said today »

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Comments from our readers

On 9 May 2017 at 4:03 pm AFA Muggins said:
Interesting though that the banks have just put their rates up this week. Of course the banks always state higher costs from getting funds overseas etc, yet we have the most profitable banks in the world with some of the highest ratings, the exchange rate has been in their favour in last few years and the margin they charge since the GFC is still about 50% higher than it was before the GFC.

Most be heaven being a bank. Meanwhile society is getting killed with debt.

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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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