Floating rates up, fixed down

Sunday 15 February 2004

It's been a busy week on the mortgage rate front with floating rates rising and fixed rates falling.

By The Landlord

All the major banks have now increased their floating mortgage rates 25 basis points to 7.50% following the Reserve Bank’s surprise Official Cash Rate rise nearly a fortnight ago.

During the week the majority of the non-bank lenders have increased their floating rates too, however they are all below the main banks. The lowest rate on offer is 6.80% from Equitable and Pacific Home Loans.

While the main banks have their floating rates at 7.50%, the second tier banks have their floating rates between 6.95% for Kiwibank to 7.45% for HSBC.

While fixed rates have risen across the board there have been some reductions in the fixed rate area. For a full list of changes go the Rates Page.

BNZ economist Tony Alexander says fixed rates are now 1% above their record lows of July last year while fixed rates are up 0.4% with another 0.5% to go this year.

ANZ economist David Drage says the best deal for borrowers is around the one and two year rates.

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