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OMG cash is back

Tuesday, September 12th 2017, 11:37AM

The word we are getting from mortgage advisers is that cash is back. We are repeatedly hearing stories about what's been offered and it's seems just like the old days. 

In many ways it is no surprise, not just because Spring is around the corner, but more so because the housing market has slowed considerably and lenders need to drive as much volume as they can in this market environment. 

I suspect it also shows that lending margins aren't necessarily as bad as they are made out to be. 

ASB and Sovereign took the view a while back that they would stop cash, but the price of that has been a fall in lending volumes. It just goes to show that cash does work. It's also, someone described as a case of Prisoner's dilemma.

I'm not sure there are too many people who think cash is a good thing for the industry and arguably it is not driving the best behaviour in the market. No doubt some customers won't be complaining too loudly.

What's your thoughts on cash and what deals have you seen. Email me here

I'm confused

I had to have a good chuckle the other day when I saw the results of a survey asking mortgage advisers to rate the banks.

It wasn't that long ago the PAA put out an inflammatory email accusing a bank of some poor behaviour and undermining advisers. While the PAA never named the bank, mortgage advisers were pretty clear it was either a yellow or red one. Later the yellow one met wih the PAA and afterwards another email went out that seemed to indicate that it wasn't the target of the original PAA email.

Now the red one has been voted, by an undisclosed number of advisers, as best in market. Go figure!

I'd love to know your thoughts on this. You can email them to philip@tmmonline.nz

A reminder

Have you marked October 19 in your diary?

- Philip Macalister

Tags: mortgages

« Big week for ASBAIA doesn't buy Sovereign Home loans. What now? »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.19 2.59 2.99
ANZ 4.44 2.79 3.19 3.59
ANZ Special - 2.19 2.59 2.99
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.19 2.59 2.99
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.19 2.55 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.79 3.15 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.04 3.40 3.84
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.19 2.55 2.99
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▼1.99 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.19 2.59 ▲2.99
The Co-operative Bank - Standard 4.40 ▼2.69 3.09 ▲3.49
TSB Bank 5.34 2.99 3.35 3.79
TSB Special 4.54 2.19 2.55 2.99
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.79 3.19 3.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.19 2.59 2.99
Median 4.55 2.68 2.99 2.99

Last updated: 21 June 2021 8:52am

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