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Wednesday, April 23rd, 11:14AM  Add your comment

ANZ eases low equity loan requirements

ANZ has made changes to the way it prices low equity mortgages, but it isn't making much noise about the changes. Find out what it's doing here

Changes from the last:

Lender types:

Term:

Property value:

Loan amount:

Mortgage Lender Floating 6 mth 1 year 18 mth 2 years 3 years 4 years 5 years RC
AMP Home Loans 6.49 5.55 5.69 - 6.29 6.40 6.99 7.20 5.60
AMP Home Loans $200k+ 6.39 5.45 5.59 - 5.99 6.30 6.89 7.10 5.50
AMP Home Loans LVR <80% - - - - 5.99 - - - -
ANZ 5.99 5.49 5.85 5.99 6.49 6.85 7.19 7.40 6.10
ANZ LVR > 80 5.99 5.99 6.35 6.49 6.99 7.35 7.69 7.90 -
ANZ Special - - - - 5.95 - - - -
ASB Bank 6.00 5.55 5.85 5.99 6.49 6.85 7.19 7.40 6.00
ASB Bank Special - - - - - - - - -
BankDirect 6.00 5.55 5.85 5.99 6.49 6.85 - 7.40 6.00
BankDirect Special - - - - - - - - -
BNZ - Classic - - - - 5.95 - - - -
BNZ - GlobalPlus 6.19 5.55 5.85 5.99 6.29 6.29 7.19 7.40 -
BNZ - Mortgage One 6.60 - - - - - - - 6.40
BNZ - Rapid Repay 6.19 - - - - - - - 5.99
BNZ - Std, FlyBuys 6.19 5.55 5.85 - 6.29 6.29 7.19 7.40 -
BNZ - TotalMoney 5.99 - - - - - - - -
Credit Union Auckland 6.20 - - - - - - - -
Credit Union Baywide 5.85 5.70 5.90 - 6.50 - - - -
Credit Union North 6.45 - - - - - - - -
Credit Union South 5.75 - - - - - - - -
6.04 6.55 6.15 - 6.69 7.19 7.65 7.90 6.09
Fidelity Life 5.70 - 5.40 - 6.00 - - - -
Finance Direct 6.10 6.25 6.45 6.60 6.69 7.10 7.45 7.70 -
First Credit Union 6.45 - - - - - - - -
General Finance 5.95 6.55 6.25 - 6.50 7.10 7.65 7.90 6.09
Mortgage Lender Floating 6 mth 1 year 18 mth 2 years 3 years 4 years 5 years RC
HBS Bank 5.90 5.40 5.60 5.85 5.99 6.35 - 6.99 5.90
HBS LVR > 80% - - - - - - - - -
Heartland 5.95 6.15 6.25 - 6.50 7.10 - 7.80 6.25
Heretaunga Building Society 5.75 - 5.50 - 6.30 - - - -
Housing NZ Corp 5.75 - 5.50 - 6.30 6.40 - 7.20 -
HSBC Premier 6.24 5.39 5.59 - 6.29 6.55 6.99 7.20 6.35
HSBC Premier LVR > 80% - - - - - - - - -
HSBC Special - - - - 5.79 - - - -
5.90 5.55 ▲5.85 - ▲6.19 ▲6.60 6.99 7.20 5.90
Kiwibank - Capped 5.65 - 6.50 - - - - - -
Kiwibank - Offset 5.60 - - - - - - - -
Kiwibank LVR > 80% - - - - 6.29 6.40 - - -
Liberty 5.64 - - - - - - - -
Napier Building Society 5.80 - 6.00 - 6.70 - - - 5.85
Nelson Building Society 6.45 - 5.95 - 6.60 - - - -
NZ Home Loans 6.10 5.35 5.69 - 6.29 6.60 6.99 7.20 -
Perpetual Trust 7.70 - - - - - - - 5.70
RESIMAC - lo doc 7.34 - 7.14 - 7.49 8.05 8.20 8.29 -
RESIMAC LVR < 80% 5.84 - 5.64 - 5.99 6.55 6.70 6.79 -
RESIMAC LVR < 85% 6.84 - 6.64 - 6.99 7.55 7.70 7.79 -
RESIMAC LVR < 90% 7.84 - 7.64 - 7.99 8.55 8.70 8.79 -
SBS Bank 5.90 5.40 5.60 5.85 5.99 6.35 - 6.99 5.90
SBS LVR < 80% - - - - - - - - -
Silver Fern 5.95 6.00 6.10 - 6.55 7.05 7.50 7.80 6.95
5.95 6.15 6.25 - 6.50 7.10 - - -
Mortgage Lender Floating 6 mth 1 year 18 mth 2 years 3 years 4 years 5 years RC
6.10 5.55 5.85 5.99 6.49 6.85 7.19 7.40 6.10
Sovereign Special - - - - - - - - -
The Co-operative Bank 5.95 5.55 5.65 5.85 5.99 6.35 6.85 7.10 5.95
TSB Bank 6.04 5.35 5.40 5.85 5.99 6.40 6.99 7.20 5.79
Wairarapa Building Society 6.20 - 5.75 - 5.95 - - - -
Westpac 5.74 5.50 5.85 5.99 5.95 6.85 7.19 7.40 6.00
Westpac - Capped rates - - 6.19 - 6.69 - - - -
Westpac - Offset 5.74 - - - - - - - -
Median 6.00 5.55 5.85 5.99 6.29 6.85 7.19 7.40 6.00

Last updated: 22 April 2014 9:04am

   
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Westpac predicting rates to rise faster than forecast

In its recently released quarterly economic overview report, Stephens writes that Westpac’s prediction is for 90-day interest rates to rise much faster than either the Reserve Bank or the market expects.

It picks the first move in interest rates to happen in June 2013, when it says the OCR will still be at 2.50%.

By 2014, Westpac expects 90-day rates to be 4%. By comparison, the RBNZ tips them to have barely moved at 2.75% and the swaps market implied pricing puts them even lower, at just over 2.50%.
By 2015, Westpac expects rates to be over 5%.

Stephens’ report said that the Christchurch rebuild would make it hard for New Zealand to avoid substantial inflation.

“The inflation figures suggest that central co-ordination of small to moderate repairs – the bulk of the activity to date – has been effective in limiting construction cost inflation. This is unlikely to remain the case as major repairs and rebuilds take over as the main form of activity.”

He pointed to the fact that new housing in the Canterbury region has already risen roughly 10% over the past year.

Stephens said he expected home loan rates to follow the same trajectory as 90-day rates. They might stay on hold for another year or so but then would have to rise.

“Floating rates may not rise quite as rapidly as 90-day rates because at the moment banks have to pay a higher margin to procure funds from overseas. That pressure might come off.”
But he said it was unrealistic to expect the current historic lows to continue past 2013.

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Disclaimer: Every possible effort has been made to keep the information in the rates tables as accurate as possible, however, neither the publishers of Mortgage Rates nor anyone engaged to compile these tables accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details directly with the provider concerned.

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