Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
RESIMAC has changed rates today. For its Prime <80% LVR offers, it has increased its one year rate by +29 bps to 6.35%, increased its two year rate by +20 bps to 6.58%, and decreased its 3, 4 and five year rates by -5 bps, -33 bps and -42 bps. That means it is offering five year fixed home loan rates at 6.94%.
TODAY'S DEPOSIT RATE CHANGES
There have been no savings or term deposit rate changes today.
A GROWING INDUSTRY
Our international education industry has seen its strongest January to April enrollment period on record with an 8% increase. That's an additional 5,100 international student enrollments on the same period last year. More than 20,000 international students are now enrolled at our universities, another almost 10,000 at polytechs, more than 26,000 at PTEs, and almost another 10,000 at secondary schools. 60% of them are in Auckland.
ELECTRONICS CLAIMS ANOTHER VICTIM
Iconic stationery supplier, Croxley Stationery, today announced that it will ceasing manufacturing at its Avondale factory from next year. It is likely 100 jobs will be lost. The same forces that are shrinking NZPost are affecting Croxley.
QUAKE CAPITAL RELEASED
The RBNZ as insurance regulator has completed its annual solvency review of insurer Tower and confirmed a $30 million reduction in the funds required to be held as part of its additional Minimum Solvency Margin requirement. This is because of progress in working through its Canterbury claims liabilities.
FIX NOW
If you haven't fixed your mortgage by now, Westpac's chief economist is advising you do it soon. More than two thirds of home loan borrowers already have.
WHOLESALE RATES
Swap rates lost almost all they rose by yesterday, down -1, -2 and -3 bps in a flattening bias. The 90 day bank bill rate avoided yawing and is still unchanged at 3.69%.
OUR CURRENCY
Check our real-time charts here. The NZ dollar fell marginally over the past 24 hours. It is now at 84.0 USc. It is at 90.3 AUc and the TWI is at 79.1.
You can now see an animation of this chart. Click on it, or click here.
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