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Kiwibank cuts mortgage rates
Kiwibank has cut its one, two, and three year fixed mortgage rates by about 0.10% each, basically matching the best rate in the market for these terms.
Its one year rate is now 6.15%, matching The National Bank, which previously had the lowest rate of any bank. Southern Cross Building Society has a one year rate of 6.10%.
Kiwibank's two year rate is now 7.10%, beaten by TSB Bank on 7.09%.
Its three year rate is 7.70%, which makes it as low as ASB's offer, and beaten only by HSBC's 7.69%.
At the same time, rates for AMP Home Loans (which are supplied by Kiwibank) have been cut for fixed terms of 3 years, 4 years, and 5 years. The new AMP rates are now very similar to the Kiwibank offerings for these terms, which is unusual - usually the AMP product is priced at least 0.10% above the Kiwibank equivalent. So we expect that there will be further reductions in the 4 and 5 year offerings from Kiwibank in the week ahead.
The full mortgage rate listings for all financial institutions are here >>
6 Comments
If they cut their deposit
If they cut their deposit rates to match don't expect this punter to go there.
That 3 year rate looks
That 3 year rate looks pretty damn good when you consider the average rate for 3 years fixed over the last 10 years.
The question is how low will these fixed rates go - at a guess I would say we will see 3 years or maybe even 5 years fixed available at around 6.5% within a matter of months and floating rates under 5% sometime soon, probably after Bollard cuts the OCR in reaction to the double dip recession we are heading into.
Combine the low interest rates with personal tax cuts, lower house prices than 3 years ago and a net migration gain and it looks like it's an excellent time to buy a home and of course there is plenty of choice with at least 80,000 homes on the market.
Could be a good time to buy a beach house - the coastal market is swamped with unwanted homes!
It all depends on where
It all depends on where you see the nadir of the double dip,TBM.
and now on interest.co.nz I
and now on interest.co.nz I read that Bill English is hinting that the property tax changes will not proceed as Treasury figures have been adjusted.
Interest rates are coming down,
Interest rates are coming down, property taxes pretty much ruled out, record net migration...Bernard is tearing his hair off
"how low will these fixed
"how low will these fixed rates go"....might be wiser to ask why the rates are dipping!..seems obvious looking at the snowballing listings on Trademe that buyers are happy to wait, knowing the collapse in prices must come. The pressure is on the banks to prop up their own bubble of stupidity in the residential sector. Rural prices have collapsed already because farmers are quicker to smell the rot in the market. Banks are right now in a loss position on the books if they cannot pork rural prices. The rush is on to keep the res bubble inflated with cheap credit offerings to silly Kiwis. Doubtless there will be fools out there willing to pay current prices with borrowed money in the belief they must act now or miss out. Fools.