Now there's a full set of banks who have increased their five year mortgage rates. ASB began the trend of rising long term mortgage rates on February 15, as reported first here, and has been followed by Westpac, BNZ and ANZ National over recent days. ANZ-National's decision to lift 5 year rates yesterday caused quite a stir, although it was the last of the big banks to move. Now Kiwibank has fallen in line by increasing its standard 5 year mortgage rate to 6.75% from 6.49%, while it has also increased its 'adaptor' loan for low doc 5 year mortgages to 7% from 6.74%. See all the bank and non-bank mortgage rates here.

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6 Comments

by Anonymous | 24 Mar 09, 9:33am

Hi Bernard... have you blocked

Hi Bernard... have you blocked my isp address from viewing other comments. i saw posted comments on this link whilst at another computer but now when i look from my home PC there are none.

hope my humble opinion or honestly of the banking system hasn't had me black listed or the view that i totally disagree with your more high profile opinions [i.e. 30% drop in property values across the board]

or that i am aware of banks retention policies, bank tax shams, price fixing and short and curly treatments....

by Bernard Hickey | 24 Mar 09, 9:53am

Anonymous, You're not blocked. We

Anonymous,
You're not blocked. We checked. We love your contrarian views, being a bunch of contrarians ourselves.
However, as with other commenters, we can't legally republish abusive or defamatory comments. I'm sure you wouldn't do that.
cheers
Bernard

by Anonymous | 24 Mar 09, 10:06am

Thank you Bernard - given

Thank you Bernard - given i have the entire english language to draw upon i shalt continue to be polite when sharing and expressing my knowledge - the only rude thing i will do is occasionally and accidentally use a single capital letter where we used to put them - just a sign of my old age and perhaps therefore wisdom...[except of course when i use a TLA where i think it's ok]

by jill | 24 Mar 09, 10:31am

Seems to me the PEOPLES

Seems to me the PEOPLES BANK are frightening the horses,yesterday they dropped call rates to an all time low .Bye Bye Kiwibank you are just like all the others ,your me too attitude is off putting to your NZ supporters,what price loyalty ?a smack in the pocket .

by speckles | 24 Mar 09, 10:37am

Wonder if the current mix

Wonder if the current mix of people floating vs fixed has changed much over the last four weeks...if most haved stayed floating it will be an interesting to see how it all shakes down.

by Finance Entry | 24 Mar 09, 6:21pm

Advice for First Time Buyers

A number of factors have led to the number of first time buyers purchasing property falling over the past year, and these factors include lack of mortgages, the effects of the global credit crunch, and falling property prices.

You need to bear in mind that there are many different upfront fees that you may have to pay out when taking out a mortgage, such as solicitor fees, mortgage arrangement fees, and a hefty deposit, and in order to work out whether you can even afford to take out the mortgage you need to determine whether you have the necessary funds available for the upfront payments. It is important to go through your income and outgoings thoroughly to ensure that you can comfortably afford the monthly repayments on the mortgages, as you could otherwise lose the property if you fall into arrears.

Also, as first time buyers you need to bear in mind that it is not just the mortgage repayment that you have to factor into your budget. You will also need to ensure that you can afford to pay bills, pay for groceries, and cover other costs.