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PSIS cuts floating rate

Wednesday, February 24th 2010, 9:25AM

PSIS is the first non-bank lender to reduce its floating rate this year, cutting it by 20 basis points from 5.95% to 5.75% along with it's revolving credit rate.

This makes its floating rate the fourth lowest alongside Housing Corp, BankDirect, National Bank and ASB all on 5.75%. BNZ's Total Money product is offering the lowest floating rate at 5.59% followed by Kiwibank at 5.65% and ANZ's 5.69%.

The median floating rate for non-bank lenders is 6.45% which is a significant 70 basis points higher.

PSIS also dropped its discounted floating rate by 20 basis points from 5.45% to 5.25%.

In Expert Views this week ANZ says the meaty chunks comment by Governor Bollard is now off the table and after originally pricing April Official Cash Rate hikes there are now tentative moves towards a July hike by some economists.

 

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Future interest rate hikes softened

The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year.

For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%.

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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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