2 years fixed @ 5.30% with $2,000 cash for an existing Bank customer looking to re-fix a modest loan coming off its fixed rate was obtained today.
This is substancially under the advertised 2 year “special rate” of 5.55%.
Competition by the Banks for home lending is fierce. Be aware.
The 5 year swap rate has cemented recent declines to today sit @ 3.66%. This is down from 4.27% on the 2nd of November 2014 and 4.52% a year prior. A driver of 5 year fixed interest rates for home loans it is down from 3.96% as recently as mid December.
Negotiate hard with your bank if seeking the certainty of a 5 year fixed interest rate as the advertised 5 year rate’s are in excess of the available rate at present…
Highlighting a bout of volitility in financial markets over Russia and Oil price woe’s our 5 year swap rate has settled at 3.96% today.
This is down from 4.27% on the 2nd of November and 4.52% a year prior.
Negotiate hard with your bank if seeking the certainty of a 5 year fixed interest rate as there is plenty of margin in it. 5 years fixed under 6% is available.
NZ’s largest bank the ANZ has cut their Fixed Interest Rates with 6 months fixed right through to 5 years fixed all getting a trim.
A number of “Specials” are also available for those with 20% equity. 1 year 5.59% p.a. a drop of -0.10%. 2 years 5.75% p.a. And 3 years 5.99% p.a.
The Auckland property market continues to amaze with a modest 1980’s townhouse on 295 sqm in Springwood Place off Balmoral Rd, selling at a competitive auction for $1,080,000 recently.
Declining Bond yields from last weeks mini panic attack in financial markets have led in part to 1,2 and 3 year fixed rates being trimmed.
ASB and ANZ are both out with revised 2 year fixed rates for the under 80% ‘ers of 5.75%.
ANZ also out today with a 3 year fixed rate of 6.09%. Their 1 year fixed sits @ 5.69%.
ASB has this afternoon cut its 4 year Fixed Interest Rate from 7.19% to 6.80%.
Also trimmed is the 5 Year Fixed Interest Rate down to 6.99% from 7.40%
ANZ and ASB have this week trimmed their 2 year fixed interest rates for the under 80%’ers to 5.85% and 5.89% respectively. ASB has also shaved 0.10% off its 1 year fixed interest rate to 5.85%
Westpac has introduced a 3 year fixed Special at 6.25% effective from 09 May 2014.
This matches the move downwards to the same rate from ASB last week.
In addition Westpac are relaxing their eligibility criteria for high LVR lending with a move down in the loan amount required for new customers wanting to borrow over 80% from $500k to $400k.
ANZ has raised all fixed rate terms from 1 year thru to 5 years.
1 year fixed goes to 5.85% from 5.69% and 2 years fixed to 6.49% from 6.29%.
3 years fixed up 0.20% to 6.85%. 4 years fixed up 0.20% to 7.19%.
ASB has trimmed their 18 month fixed rate by 0.16% to 5.69% for under 80% lending. They are still running their “special” 2 year fixed rate of 5.95%.
Westpac having lowered their 3 year rate 2 weeks ago, shaved another 0.04% off it on Wednesday this week to now sit @ 6.35%.