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  • The same lender is also offering 4.7% for 6 months......also not on this or any site.

    One of the advantages of using a broker is getting the most up to date information.
    Scott Miller - Mortgage Broker
    Ph: 03 980 4541 M: 021 34 36 48
    AMS's website My email

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    • ANZ, National raise fixed mortgage rates

      ANZ, National raise fixed mortgage rates

      10:50AM Thursday May 28, 2009




      ANZ and National have today increased their three, four and five year mortgage rates by as much as 35 basis points.

      The banks were responding to rises in longer term bond yields on wholesale markets.

      Long term mortgage rates had stabilised after a sharp rise in mid-March, but wholesale markets have pushed rates higher in the last couple of weeks on fears globally of heavy government borrowing.
      The imminent budget here has focused thoughts locally, with many expecting Finance Minister Bill English to announce bond issues over the next four years of close to $50 billion later today.
      Prime Minister John Key has said the primary focus of the budget due at 2pm today is to avoid a credit rating downgrade, given it would push up mortgage rates by 1.5 per cent. Long term mortgage rates have bounced around 2 per cent from their late February lows.
      ANZ and National increased their 3 year fixed rate to 6.85 per cent from 6.75 per cent. They lifted their 4 year rates to 7.4 per cent from 7.15 per cent and their 5 year rates to 7.85 per cent from 7.5 per cent.
      See all mortgage rates from all the banks in this rates table.
      - INTEREST.CO.NZ


      http://www.nzherald.co.nz/business/n...ectid=10575024
      "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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      • Shit! Will the other follow eg. kiwibank or will they not move and make the other banks come back down again...... Hmmmm

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        • I guess they are ignoring the reserve bank...because they can. No competition.
          We need more competition in NZ but it won't happen as the population is way to small.

          Comment


          • Originally posted by tpr2 View Post
            I guess they are ignoring the reserve bank...because they can. No competition.
            We need more competition in NZ but it won't happen as the population is way to small.

            I don't think they are ignoring the reserve bank because they can but because they have no choice.

            Recall when the reserve bank was trying to reign in the economy by raising interest rates: They found they had very little effect for the very same reasons that OCR rate hikes didn't work, any further OCR drops will probably be a waste of time. It is now NZs credit worthiness that is setting interest rates not the reserve bank.
            The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

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            • True, and our down grading wouldn't have helped either.

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              • Downgrading, we were up graded to day from "downgrade warning" to "stable long term", so rates should, if anything drop.

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                • Originally posted by Dean Letfus View Post
                  Downgrading, we were up graded to day from "downgrade warning" to "stable long term", so rates should, if anything drop.
                  I believe TPR2 was stating if NZ had been down graded. Given the high esteem which Grading companies are held in ( they gave CDOs high ratings) I suspect downgrades in credit ratings would be more trusted than stable or up graded ratings at this current time.

                  The issue now is what foreign investors and banks assess the risk at not what the ratings companies assess. NZ is probably seen as a reasonable risk in the short term, but that risk is higher than it should be so lending to NZ institutions will continue to carry a premium. Who believes that the US warants to keep a triple A grading, or the UK for that matter. Ratings companies may be possibly be playing politics rather than adressing the real fundementals.
                  The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

                  Comment


                  • Sounds just like the dubious pronouncements
                    from our very own Questionable Value outfit.
                    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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                    • Paying attention to so called *official* spin?

                      Thats a great way to go broke! Most toxic financial stuff was rated AAA+ so wouldnt put much faith any other rating's or manipulated numbers from any of those fraudulent parties. Not to mention everything else those institutions have not seen coming...

                      Its amazing individuals still actually listen to official nonsense and obfusication! Its as if reality dosnt sink in or it must be the old saying theres one born every day...

                      ...suckers that is...

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                      • None of the main banks other than ANZ & National have moved yet. Interesting..

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                        • Originally posted by Dean Letfus View Post
                          Downgrading, we were up graded to day from "downgrade warning" to "stable long term", so rates should, if anything drop.
                          Originally posted by Austrokiwi View Post
                          I believe TPR2 was stating if NZ had been down graded. Given the high esteem which Grading companies are held in ( they gave CDOs high ratings) I suspect downgrades in credit ratings would be more trusted than stable or up graded ratings at this current time.

                          The issue now is what foreign investors and banks assess the risk at not what the ratings companies assess. NZ is probably seen as a reasonable risk in the short term, but that risk is higher than it should be so lending to NZ institutions will continue to carry a premium. Who believes that the US warants to keep a triple A grading, or the UK for that matter. Ratings companies may be possibly be playing politics rather than adressing the real fundementals.
                          Yes I was a little quick off the mark, we had the down grade warning and then presto "stable long term"

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                          • On the interest.co.nz site AXA is still shown as having a 6.5% 5 yr fixed rate. Does anyone know if this is still current and available? I;ve looked on the AXA NZ websites and can't find any info about residential mortgages, let alone this rate. Maybe broker only??

                            Much appreciated.

                            CT

                            Comment


                            • i see that both anz in nz and st.george in oz are offering depositors 6% for 5 years

                              which is about 3% higher than their 1 year term deposits

                              to me that means that mortgage rates have had their lowest point and will now trend back upwards to more usual levels of 8-10% in the next few years

                              the question is, will the current quantitative easing, (creation of money), lead to 8-10% mortgages being just a step on the way to 10?-15?% mortgages in 5 years time
                              have you defeated them?
                              your demons

                              Comment


                              • ASB five year rates up over 8%
                                Last edited by essence; 05-06-2009, 02:32 PM. Reason: Specified term of rate

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