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Bluestone cuts variable rate

Non-bank lender Bluestone has passed on cuts of up to 40 basis points after the Reserve Bank’s Official Cash Rate cut last month.

Thursday, September 19th 2019, 7:27AM

Peter Wood

Bluestone’s cheapest variable rate has fallen to 4.59%, and is available for customers with 60% LVR.

Bluestone's Peter Wood told TMM Online the lender is keen to take on banks with the “pretty sharp” variable offering.

The cuts, effective this week, will also lead to reductions across most of Bluestone’s fixed rate products, Wood said.

The rate cuts are effective across products including Bluestone’s white label programme Select, which is offered through NZFSG and Loan Market.

According to TMM’s mortgage rates table, the cheapest variable rate on offer from New Zealand banks is 5.15%, from Kiwibank and The Co-operative Bank.

Wood said Bluestone is trying to be a “market leader” and as “competitive as we can”: “If you look at bank variable rates they start from 5%, so these are pretty sharp rates for a non-bank. We know there are a lot of deals on offer from the banks so we are trying to push our rates and cater to the market.”

Wood added:"Bluestone always strives to be on the front foot, to create a market leading position. We’re excited to be the first non-bank to pass on these savings to our customers. It shows our commitment to blazing the trail for non-bank lenders in New Zealand.”

Australian-headquartered Bluestone, backed by the American investment giant Cerberus, claims to be the first non-bank to pass on the Reserve Bank’s OCR cut. The cuts come after RBNZ slashed the OCR by 50 basis points last month.

Other non-banks are reviewing their variable rates following the OCR cut. Luke Jackson, general manager of Resimac in New Zealand, said the lender was "reviewing its floating rate and is planning to make an announcement shortly".

Tags: Bluestone Mortgage Rates non-bank lenders

« BNZ outlines stance on new regulatory regimeOCR Preview: economists predict no change »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
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 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
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 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.45 2.99 3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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