For those under the majical 80% mark.
1 year up .09 to 4.39%
18 months up .10% to 4.49%
Whoops: Lost A Year Of Posts
Looks like we have dropped a cylinder and lost a year of posts. 🙁
ASB Tweaks Up Fixed Rate Specials
ASB has today tweaked up their Fixed Interest Rate specials.
1 year up 0.04% to 4.29%
2 years up 0.05% to 4.34%
3 years up 0.05% to 4.39%
FED and RBNZ Leave Rates on Hold
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.0 percent. The Fed Funds rate in the USA was also left unchanged.
Our Governor indicated that on current projections the Cash Rate will need to fall further to ensure inflation gets up to the middle of the target range.
ANZ passes on 0.05 of 0.25% cut in the OCR
The ANZ, NZ’s largest Bank, has passed on to its floating rate borrowers a measly 0.05 of the 0.25% cut in the OCR this morning.
After announcing the cut Reserve Bank Governor Graeme Wheeler commented: “We would like to see most of (the OCR cut) passed on.”
In the OCR announcement there is a bias toward a further cut.
Property Investors need 40%
Today the RBNZ released a “consultation paper” about further lending restrictions being applied in attempt to slow down the price increases of the property market.
The majority of Property Investors will soon need a 40% deposit which is to be applied nationwide. The Banks will start implementing this before the proposed start date of 1st September as the finger was wagged with “We expect banks to observe the spirit of the new restrictions in the lead-up to the new policy taking effect.”
5 year swap rate collapses 7%
In response to the shock Brexit referendum our 5 year swap rate has collapsed by 7% to 2.32% today. This is the reference rate from which the 5 year fixed housing interest rate is derived. Odds increase for lower interest rates in the near term.
2 year Fixed Home Loan rate of 0.99%
HSBC has broken mortgage records by offering customers a 2 year fixed rate home loan at an interest rate of 0.99 per cent.
Sorry folks this rate is for customers in the UK…. 🙂
Cash Rate Unchanged @ 2.25%
The Reserve Bank today left the Official Cash Rate unchanged at 2.25 percent. There is a bias towards further cuts with the statement “Further policy easing may be required “.
The Auckland housing market got about as strong a warning as it gets from a Reserve Bank with “Auckland house prices in particular are at very high levels….”.
ANZ backs away from the property market
In a sign that the ANZ Bank views the property market as being “toppy” they have reduced the maximum Auckland property lending ratio to 85% (including the LEP fee’s).
Property lending outside of Auckland is also getting trimmed to 90% .
Its a clear sign the Bank is looking to reduce its exposure.