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NZCU Baywide aims for first home buyers

NZCU Baywide has relaxed its requirements for first home buyers with a series of new features aimed at luring younger customers.

Thursday, October 18th 2018, 2:52PM

The non-bank lender is advertising a host of changes to its home loan product as it aims to take a slice of the FHB market, a growing segment within New Zealand.

New features include a relaxed NSR requirement for low deposit loans of more than 80% LVR (to 95%), and offering loan terms of up to 30 years. 

NZCU has also cut its requirement for customers to take out life insurance and disability insurance policies, according to market materials sent out to advisers.

The lender has also increased its lending cap to up to $850,000, as it targets first home buyers in more expensive cities, including Wellington. The firm still excludes home buyers in Hamilton and Auckland City.

It comes as many banks cut rates in the face of strong competition, and the emergence of non-bank lenders as genuine players in the New Zealand market. Non-banks have gained significant ground over the course of the year as banks tightened up their lending criteria.

In its marketing materials to advisers, NZCU described the current market as "bananas". The group added: "As specialists in home loans for first home buyers, we are always looking at how we can help everyday Kiwis realise their dream of owning a home and stepping onto the property ladder."

It comes as new research from CoreLogic revealed first home buyers are taking up a bigger slice of the New Zealand market. CoreLogic says FHBs made up 24% of residential property buyers in the September quarter, putting them on par with investors.

 

 

 

Tags: Lending non-bank lenders NZCU Baywide

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 ▼4.45 ▼4.79 4.99
ANZ Special - ▼3.95 ▼4.29 4.49
ASB Bank 5.80 ▼4.44 4.69 ▲4.89
ASB Bank Special - ▼3.95 4.29 ▲4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.15 ▼3.99 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
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 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.85 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.19 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 ▼4.45 4.69 ▲4.89
Sovereign Special - ▼3.95 4.29 ▲4.49
The Co-operative Bank - Owner Occ 5.75 ▼4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 ▼4.60 4.85 4.99
TSB Bank 5.80 ▼4.45 4.69 4.99
TSB Special - ▼3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - ▼3.95 4.29 4.49
Median 5.89 4.45 4.69 4.79

Last updated: 15 November 2018 10:05am

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