The Co-operative Bank have announced a 3 year Special mortgage rate of 5.49% effective this morning.
This rate is available to borrowers with at least 25% equity "in the property provided as security".
Their standard 3 year fixed rate is unchanged at 5.75% as are all their other rates.
This positions the Co-op Bank rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
| ANZ | 5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
| ASB | 5.45% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.80% | 6.10% | 6.30% |
| Kiwibank | 5.25% | 5.25% | 5.65% | 5.99% | 5.99% |
| Westpac | 5.19% | 5.40% | 5.90% | 6.15% | 6.25% |
| Co-op Bank | 5.25% | 5.35% | 5.49% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 5.25% | 5.30% | 5.65% | 5.99% | |
| TSB Bank | 5.25% | 5.30% | 5.75% | 6.10% | 6.30% |
Kiwibank has one lower rate; it has a six month fixed rate of 4.79%.
TSB Bank also has a lower rate; it has a Special 15 month offer of 4.95%.
All the latest mortgage rate offers for all institutions are here »
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Fixed mortgage rates
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2 Comments
How is it that some other countries can get 15, 20 and 30yr mortgages, where the cost of housing then becomes "fixed" and we in NZ are working on incredibly short timeframes of 1-5yrs on a loan that takes 15-30yrs to pay off? The 3yr rate is great but I'd like to see a 30 yr rate!
$600k mortage, 6% interest
20 year weekly payment = $991
30 year weekly payment = $829
Difference = $161 (19%) less per week
20 years total paid = $1.03m
30 years total paid = $1.29m (26% more)
Not seeing the 1% difference anywhere. Am I missing something?
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