Two high-profile resignations

Floating rates continued their fall this week with PSIS being 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 its revolving credit rate. 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%.

Thursday, February 25th 2010, 10:17AM

Credit Union Baywide started off the week with a 30 basis point increase to its two-year fixed rate making it 7.70% and with a five point cut to its three-year rate which is now 8.10%.

Public Trust and the Napier Building Society both hiked their one-year mortgage rates by 25 basis points to 6.15% and 6.25% respectively, with both remaining below the median rate of 6.40%. Napier Building Society also jumped up its two-year rate by 50 basis points to 7.00% which despite the large increase is still well below the median of 7.45% for non-bank lenders.

In news, Goodreturns.co.nz exclusively reports that Sue Tierney has resigned from the NZMBA board and today Housing Minister Phil Heatley also resigns from his portfolios as a result of further discrepancies over ministerial credit card spending.  

In mortgage rates news BNZ economist Tony Alexander analyses how the Reserve Bank of Australia paused in its tightening cycle after three rate rises and we check out Kiwibank's December quarter results.

In Expert Views ANZ says the meaty chunks comment about the OCR by Governor Bollard is now off the table and at Landlords.co.nz Harcourts' chief executive Bryan Thomson says property sales numbers are predicted to improve over the next two months.

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