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Banks punch below their weight

Thursday, July 1st 2010, 12:28PM

Kiwibank cut 31 basis points off its two-year fixed home loan rate today, reducing it from 7.30% which is the median for all banks to 6.99%. This makes its new rate 20 basis points lower than the closest bank which is TSB.

Westpac, AMP and HSBC also made changes over the week which can be seen here.

In news we find out which banks are punching well below their weight in the mortgage lending market. We also have a new graph showing the market share of new net lending on mortgages according to each banks general disclosure statements, with Kiwibank and Westpac continually growing their mortgage books over the past three quarters. 

In Expert Views ASB says the Reserve Bank is likely to be pleased with the current mix of growth in the economic cycle as the household sector takes a back seat in driving it and BNZ economist Tony Alexander gives a simple lesson in how monetary policy works.

 

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Latest News

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Latest Trends
Earthquake to rattle rates

 

The effect of the Christchurch earthquake has even rattled mortgage rates heralding a turning point to the current trend of a flattening yield curve with floating and short-term rates increasing and long-term fixed rates falling.

Expect from here on to see the graph in front of you flipped, as economists expect the yield curve to steepen. The reason for this is that the 7.1 magnitude earthquake that hit Canterbury and the collapse of South Canterbury Finance last week has eliminated any remaining chance of a September Official Cash Rate (OCR) hike according to economists. Most are now not expecting monetary policy tightening until 2011.

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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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