Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Floating Rate Sinks For New Zealand Home Loans

New Zealand Home Loans

In a move today (7 March 01) that preempts an industry-wide review of floating rates, New Zealand Home Loans, this country’s largest non-bank provider of home loans, announced a reduction in its floating rate to 7.95%.

“A 0.35 percent reduction in the floating rate of an average loan will save a customer over $500 in annual interest costs. That’s money that can be used to become debt-free faster or put aside for a rainy day” said New Zealand Home Loans Director, Murray Ferguson.

“New Zealand Home Loans has been a force for change in the residential mortgage market, so we expect to see some further movement in floating rates,” he said

While fixed term interest rates have been falling in recent months, movement on the floating rate market has been intermittent with the major banks still well over 8%.

2001 is shaping to be positive for New Zealand homeowners.

Figures released by the Real Estate Institute showed a $5000 jump in the national median sales price for January 2001, up over 3% on the same time last year.

This is the highest national price recorded for any January since 1996, the year the survey began. January also boasted an increase in settlements over the previous month with 4,741 house sales recorded nationally.

Industry experts are however warning that the improvements in the housing market are likely to remain modest throughout 2001 and that expedient debt reduction is more effective than relying on capital gains.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news