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

 


Interest rates fall across the board

News Release October 18, 2001

Interest rates fall across the board

The recent easing in fixed mortgage interest rates continued and spread to floating rates as interest rate falls gained momentum over the last month, according to the latest mortgage interest rate survey to October 10, conducted by the Real Estate Institute of New Zealand.

"The majority of lenders dropped both their fixed and floating rates over the last thirty days, an encouraging sign for New Zealand home owners. In particular the average rate for floating mortgages has eased significantly, " said Mr Graeme Woodley, National Vice-President of the Real Estate Institute.


Mr Woodley said that compared to last month, where the easing of rates constituted ‘tweaking’ by most of the institutions, the rate changes across both banking and non-banking institutions were significant.

He said, “Some rates lowered by as much as 0.75 per cent, however generally the degree of movement was between 0.35 and 0.50 per cent. This is much more significant than the 0.5 to 0.25 per cent range in the month to September 10.”

Floating rates fell by between 0.5 and 0.51 per cent to range between 6.34 and 7.20 per cent, compared to between 6.84 and 7.70 per cent last month.

As of October 10, one year fixed rates range between 6.32 and 6.95per cent, compared with 6.74 to 7.20 per cent to September 10; two year rates range between 6.80 and 7.45, compared to 7.20 and 7.70 per cent last month; three year fixed rates range between 7.20 to 7.80, compared to 7.30 and 8.10 per cent last month; while four and five year rates range between 7.50 to 8.05 per cent, compared to 7.85 to 8.20 per cent last month.

-ENDS-

Real estate information is also available via the Institute’s official property directory – RealENZ – on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ’s Internet address is: www.realenz.co.nz

For further information contact: Mr Graeme Woodley, National Vice President
The Real Estate Institute of New Zealand Inc
Mobile: (025) 369 270
Issued by Weber Shandwick Worldwide Phone: (09) 307 1725

REINZ MORTGAGE INTEREST SURVEY AS AT 10 October 2001
INSTITUTIONS FLOATING
FIXED - 6 Month FIXED - 1 Year FIXED - 2 Year FIXED - 3 Year FIXED - 4 Year FIXED - 5 Year FINANCE RATE MAX VALUATION TRANSFER MORTGAGE EARLY
REPAYMENT PENALTY MAXIMUM TERM FRONT END FEE

ANZ Bank 7.20 6.85 6.50 6.80 7.20 7.50 7.65 7.23 95% YES YES 30 $1-$99,999= $500;$100k-$249,999 = $300; $250k+ = $0
AXA New Zealand 7.20 6.85 6.95 7.45 7.80 7.95 8.05 7.23 90% YES YES 25 $250
BNZ 7.20 6.50 6.50 6.95 7.30 7.60 7.75 7.2246 95% YES YES** 30 Min $250 Max $500
Cairns Lockie Limited 6.90 6.32 6.90 7.30 7.79 6.96 95% YES NO 25 0.50%
General Finance Limited 7.15 6.77 7.04 7.44 7.67 7.89 95% YES 25 $400
Guardian Trust 7.00 6.50 7.25 66.67% YES YES** 20 1% Max
Mortgage Smart 6.95 6.75 7.05 7.45 7.90 4 90% YES YES cond apply 25 0.25%, min $400
National Bank* 7.20 6.75 6.50 6.95 7.35 7.60 7.75 7.75 95% YES YES** 30 $400
NZ Home Loans 6.99 6.50 6.50 6.95 7.30 7.75 7.04 95% YES YES 30 $250
PSIS 7.10 6.50 7.143 85% YES NO 25 $350
Sthn Cross Building Soc 7.55 6.75 90% YES NO 25 1% Max (Neg)
Sovereign 6.99 6.50 6.50 6.80 7.20 7.65 7.04 95% YES YES** 30 Up to 0.5%
Tower Trust 7.20 7.33 75% YES NO (cond apply) 25 1% negotiable
WestpacTrust 7.20 5.75 6.50 7.00 7.35 7.60 7.75 7.22016 95% YES YES** 30 Max $250
Wizard Home Loans 6.34 6.37 7.04 7.44 7.89 6.34 95% YES NO (cond apply) 25 Nil

The above information is intended as a guide only. Although the information is understood to be accurate at the date of publication, the Real Estate Institute does not itself, or on behalf of any named lending institution, represent that financial assistance will be available to any borrower on the terms noted. * = Fixed Only ** = No previous month comparison possible Conditions Apply =† Exceptions = ††


© 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