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NZF competes with banks for home loansNZF is starting to compete with banks for home loan business following the success of its $100 million securitisation programme.Thursday, June 24th 2010, 4:00PMby Jenha White It has introduced a new Standard 70 home loan rate today for borrowers with at least 30% equity. "Over the last year we've focused on good quality high LVR deals but since the securitisation, we can now be more competitive with the banks on the price of lower LVR deals," NZF business development manager Jenny Campbell says. It's most competitive rates with the banks are its one-year rate at 6.45% which is the same as the median for major banks, its two year rate at 7.30% and its three-year rate at 7.75%, both of which are lower than the medians for the major banks. She says the new Standard 70 rate is phase one of NZF's development and there is more to come. "We still firmly believe there's a really good opportunity for a non-bank in New Zealand to grow some really good business and at the same time support mortgage brokers." She says now NZF knows the market is picking up again it is an area NZF really wants to be involved in. Check and compare home loan rates at www.mortgagerates.co.nz
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Fixed rates step into spotlight
The gap between floating rates and fixed rates is closing in. This is because floating rates have been increasing in synch with the last two Official Cash Rate (OCR) increases of 25 basis points, making an increase of 0.50% since June. At the same time there has also been a fall in two to five year fixed rates due to the decline in wholesale and swap rates. Whereas six months ago the "step up" between floating and two-years fixed was around 1.60%, at the moment it stands at around 0.60%. This means at the moment you would only need to see a small rise in rates for the fixing strategy to be the better option, especially for terms between one and two years. MORE » |
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