Mortgages

Fixed rates popular with borrowers

The latest data from the Reserve Bank shows that floating home loans are sinking in popularity with borrowers in New Zealand.

Sunday, October 17th 2004

Only 29.1% of mortgages were at floating rates, as at August 30. This is significantly down on previous years. Two years ago the figure was 39.6% and a year ago it was 33.7%.

The increase in fixed rate loans recently has come predominantly in the over one year area with the proportion of loans coming up for renewal within a year from August trending down since early last year when fixed rates started heading to their record lows.

This data confirms the view that the Reserve Bank’s moves to increase the Official Cash Rate will be having little impact on home loans.

When it moves the OCR it is directly reflected in variable home loan rates, but doesn’t impact on fixed rates as they are priced off other variables, such as interest rates in the United States.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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