tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, September 22nd, 6:37PM

Mortgages

rss
Latest Headlines

New record low fixed rate at 2.55%

Bank of China has launched New Zealand's latest record-low fixed home loan, offering a one-year mortgage at 2.55%.

Friday, June 5th 2020, 1:57PM

The rate is the sharpest in the market by 10 basis points, ahead of Kiwibank's 2.65% rate. 

However, few advisers in New Zealand have access to Bank of China loans, according to industry sources. 

The one year rate is one of the cheapest ever offered in New Zealand.

KiwiSaver provider Simplicity's floating 2.5% mortgage is the lowest in the market. However, the loan is only available to existing customers through a ballot system.

Bank of China's has also cut special rates across the board, with 18 month and two-year fixed rates at 2.65%, matching HSBC Premier.

The bank's 18 month rate is 14 basis points cheaper than BNZ's 2.79% 18 month rate, while the 2.65% two year rate is cheaper than ASB, BNZ, TSB and Westpac's 2.69% rate. 

The rate drop is likely to ramp up more pressure on the big four banks to cut mortgage rates further. While wholesale interest rates have edged up in recent weeks, economists predict the Official Cash Rate is likely to fall again in this cycle. 

The Reserve Bank has pushed for lower retail rates since slashing the OCR to 0.25%, but says it will not make further rate cuts until next year. 

 

Tags: Lending

« Ex-Southern Cross executives start new ventureAdvisers optimistic about alert level one »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Time is running out for 2000 unregistered advisers
    “I suspect there will be some advisers who have assumed they will be welcomed by FAPS with open arms, only to be disappointed...”
    5 hours ago by John Milner
  • FSC offers info hub for advisers
    “lol....I wouldn't say I've only just noticed Murray. More a matter of eventually wondering "am I the only one who thinks...”
    8 hours ago by Tony Vidler
  • FSC offers info hub for advisers
    “@Tony Have you only just noticed FSC's push to take over and control adviserland? IMHO it's been increasingly happening...”
    1 day ago by Murray Weatherston
  • FMA details Covid-19 response
    “So my immdeiate question here, is how is this different to the earlier article from G Boyes. An adviser didn't classify the...”
    4 days ago by smitty
  • FSC offers info hub for advisers
    “I admire Richard and the work he has done since taking on the FSC role, however I am confused by this increasing noise by...”
    5 days ago by Tony Vidler
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
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 4.95 - - -
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 2.95 3.45 -
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 ▼2.45 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 3.35 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 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com