A review of things you need to know before you go home on Tuesday; SBS trims TD rates, mortgage debt growth raises red flag, dwelling consents slow in Auckland, online shopping booms, swaps and NZD in light trade

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
No changes today.

TODAY'S DEPOSIT RATE CHANGES
SBS Bank has cut its 6, 9 and 12 month TD rates by -5 bps.

ALMOST A DEBT GROWTH RECORD
Housing indebtedness is rising fast. According to April data released today by the RBNZ, home loan growth is up +8.3% year-on-year, growing by almost +$1.8 bln in a month, which is the fastest pace since March 2007 and making it the second largest expansion of housing debt on record. ASB is noting that this pace may raise a red-flag with the RBNZ.

LOW PETROL PRICES HELP HOMEOWNERS
Ratings agency Fitch is reporting that Australia's low mortgage arrears are supported by ... prolonged low petrol prices. They say the low and stable pump pricing - which in other times can be a household budget 'shock' - has enabled Australians to stay on top of their home loan obligations. Probably true for New Zealand as well. This answers the 'question' of where the benefits of low oil prices are showing up.

THE NEED GROWS FASTER THAN THE CONSENTS
New dwelling consents issued in Auckland took a dive in April ramping up pressure on the region's over-stretched housing market. But the fall is mainly due to an absence on approvals for apartments, a volatile metric. Nationally, consents for houses, retirement units, and townhouses are all maintaining their higher levels. In Auckland, Rodney, Waitakere, Howick and Manukau also posted impressive gains; it is the inner City that saw few consents this month.

NON-RESIDENTIAL BUILDING UPSWING
This note is from Infometrics: After a slow start to the year, non-residential consents have gained some momentum in March and April, and activity last month was up +9.4% from April 2015. In seasonally adjusted terms, the value of consents was at its highest level since December last year, boosted by solid results for both Auckland and Canterbury. Canterbury commercial is still growing strongly. Auckland commercial high but expected to push much higher.

ONLINE SHOPPING LEVELS RACING AHEAD
BNZ is reporting a strong month, with total online retail spending by New Zealanders in April up +16% on April last year. Online spending at local merchants was up +14% on April last year, well ahead of the +7% annual growth rate for sales at bricks-and-mortar stores. Clothing and Food purchases have been key contributors to higher spending over the past 12 months, responsible for approximately 60% of the increase in online spending at local merchants since April last year. Online spending at local Computer, Department and Entertainment Media stores has also grown strongly. Online spending by Kiwis at offshore sites was up even faster, up +19% on April last year.

SWAP RATES ADJUST
Wholesale swap rates were tweaked by the market today in trading that has been without the influences of either Wall Street of London. Rates are fractionally softer at the short end, fractionally firmer at the long end. NZ swap rates are here. The 90-day bank bill rate is up another +1 bp, now to 2.42% and taking it back up to where it was just post the March OCR cut.

NZ DOLLAR IN LIGHT TRADING
The NZD has been slightly firmer today with currency markets also restrained by the lack of signals from New York and London. The Kiwi dollar is now at 67.3 USc, at 92.9 AUc, and 60.3 euro cents. The TWI-5 is now at 71.3. All these levels are very similar to where they were this time last week. Check our real-time charts here.

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