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How did the second lockdown compare?

Advisers say the second lockdown was easier to navigate than the shutdown in March, with stronger business activity and less disruption than before.

Tuesday, September 1st 2020, 9:00AM

TMM Online asked some of the industry's leading voices about their experiences through the Auckland lockdown, which ended on Sunday after more than two weeks.

Despite a stay-at-home order being enforced in NZ's biggest city, brokers say the experience of the March lockdown left them better prepared to ride out the storm. 

"We were well prepared for the lockdown and got organised very quickly," said NZFSG's Bruce Patten, adding customers had become "desensitised" to the changes unless they had been made redundant. 

Patten said there were fewer people in need of mortgage deferrals this time around. Business at NZFSG in Auckland has been "pretty much back to normal" this week, he said.

Kris Pedersen of Kris Pedersen Mortgages, said business activity "hasn't been far off" normal over the past few weeks.

"It feels more like this time that people are just getting on with life and it helps that the real estate industry is better prepared regarding online open homes and auctions," Pedersen added. 

Pedersen believes there was more confidence in the property market than in the first lockdown.

"We are finding now people aren’t as concerned around the price drops that some economists were talking about earlier this year, with the interest rate reductions likely to have the opposite effect."

Squirrel's John Bolton echoed that sentiment.

"We didn’t have the rush of Covid issues and the general fear wasn’t there as we knew what the other side would look like.  Plus houses could continue to settle so we didn’t have the same level of disruption."

Tags: Covid-19 NZFSG Squirrel

« Sub-2% rates for two to three years: economistsKiwibank profits drop by 47% »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 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 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 ▼2.45 ▼2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
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
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 ▼3.09 ▼3.15
SBS Bank Special - 2.49 ▼2.59 ▼2.65
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.49 2.69 2.79
Median 4.55 2.94 3.07 2.80

Last updated: 27 November 2020 3:57pm

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