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Bank switching easier this year

As we launch into the New Year borrowers are aware that rate increases lie ahead - likely around the middle of the year. This will mean observing rates and getting the timing right to jump from floating to fixed will be critical in the months ahead.

Thursday, January 13th 2011, 11:28AM

Looking at the first interest rate changes for the year, HSBC increased its six-month and one-year fixed rates by 25 basis points for its Premier product with the rates still well below bank medians. However the rates are subject to a home loan of $500,000 or more.

In news, customers can expect switching banks to be easier this year as Payments NZ has enacted changes requiring greater co-operation between banks in the process and we talk to The National Partnership (TNP) about its new mortgage broking arm which is to be headed by NZ Mortgage Brokers Association boss Darren Pratley.

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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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