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Resimac slashes rates again

Non-bank lender Resimac has made significant cuts to its two and three year mortgage rates, as home loans become cheaper across the New Zealand market.

Wednesday, June 12th 2019, 12:27PM

Luke Jackson

The non-bank lender has slashed its two year fixed rate loan by 0.32% to 4.14% for customers borrowing up to 80% LVR. The new two-year rate is Resimac's second cut in the past two months, and sees the lender approach prices on offer from the major banks last year.

Resimac head of New Zealand Luke Jackson told TMM the move was made due to the Reserve Bank's Official Cash Rate cut last month. Since then, a host of lenders have cut two year rates below 3.9%. Jackson is keen for Resimac to remain competitive for borrowers in the lower rate environment.

Jackson said Resimac was keen to attract "near-bank", near-prime customers who may have been turned away from the banks. 

"We see ourselves as a front runner in that space, providing a competitive alternative for borrowers," he told TMM Online.

He said Resimac would continue to react to further OCR changes, like all lenders in the market.

"Economists are putting the chances of a further cut at about 50-50, and we will be looking at what we can do," he said.

Meanwhile, Reismac's prime three year fixed rate has been cut from 4.69% to 4.19%. 

Jackson said Resimac was "here for new business", with plenty of firewpower to take on more customers.

"We have a sizeable credit team here in New Zealand and our turnaround times should be competitive," Jackson added.

Tags: RESIMAC

« Economists predict new record low for OCRProspa raises more than $100 million »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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