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Westpac, ANZ and National cut 2 year mortgage rates to catch up with Kiwibank

Westpac, ANZ and National cut 2 year mortgage rates to catch up with Kiwibank

Westpac, ANZ and National have cut their two year mortgage rates for a second time.

They are moving to catch up with a larger move last week by Kiwibank in the wake of the Reserve Bank's surprisingly downbeat statement about the economy and the future path of the Official Cash Rate..

Longer term wholesale interest rates, which are the basis for fixed mortgage rates, have fallen further in the last two weeks on financial market expectations of a slowing global and local economy.

Westpac cut its two year fixed mortgage rate by 10 basis points to 6.75%, while ANZ cut its 2 year rate by 6 basis points to 6.79% and National cut its 2 year rate by 10 basis points to 6.75%.

ANZ cut its 30 month special rate by 10 basis points to 6.89%.

Kiwibank cut its 2 year rate last week by 30 basis points to 6.69% when most of the other banks cut their 2 year rates by 20 basis points.

ANZ, National and Westpac appear to have moved for a second time to catch up.

ASB's two year rate remains at 6.85%.

See all mortgage rates here

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6 Comments

Careful anon...Magnum is on the edge of a total breakdown...let him have his dreamtime!

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By far the most definitive measure of rental rates in NZ is data is from the Tenancy Bond Service of the Department of Housing and Building.

The national median has gone precisely NOWHERE in the last 3 years:

http://www.interest.co.nz/charts/real-estate/rents-median

 

For the last 6 months the median has not changed one iota.

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Gavin you need to consider what kiwis are really earning. This dtermines what they can afford to pay doesnt it? Not speculation

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The number of houses available for rent has been rising rapidly since March of this year:

http://www.interest.co.nz/charts/real-estate/houses-rent

When supply goes up...........

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A few months ago I was regularly going through the listings on TradeMe (there was the possibility of moving, down the track, and wanted to be familiar with what was available and for how much before I started actively looking).  Over that period of checking in every week or so and browsing through everything that fit the bill, the surprising thing was the high number of listings, usually the higher-priced ones, that were lingering on TradeMe for weeks, and being relisted as they dropped off the front pages.  Looks like landlords pricing themselves out of the market.

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Totally agree...But the PI. and The Agents..have undergone a RAH!RAH! Brainwashing course. And the deprograming is just about to kick in.They never were required to ask themselves..What if? Negative equity were to strike .Do I need a plan B...What if the Banks stop my credit..etc.This was because their programing was so absolute, they thought they would be able to stare reality in the face,and eyball it down into submission.

   Billionaires have been hoarding Gold for the last couple of years now. Why? because them in the know, realise the Big Ones here..and for the rest of us? .Well humbling lessons are good for the soul.

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