The home loan rate market has fallen into a bit of a hiatus over the past week, partly because it was a short week, and also because the Reserve Bank chose to leave the Official Cash Rate unchanged.
Wednesday, May 4th 2005, 7:52AM
by The Landlord
The main piece of news is that Bank of New Zealand’s Unbeatable campaign finished on Friday.
However, the bank is still selling fixed two-year home loans at 7.60% as Classic Home Loan.
The difference is, as of Friday, it has ended the “Unbeatable” promise to beat any of the other major lenders.
Its standard two-year rate is 7.80% which is the same as other banks.
Looking at what is on offer we currently have floating home loan rates ranging from a low of 7.85% (Silver Fern) to a high of 9.25% (Headstart). However the range is very tight once the outliers are taken out of the equation. Under this scenario most floating rates are between 8.45% (New Zealand Mortgage Funds) and 9.05% (Westpac).
