New Reserve Bank lending requirements are being implemented at the end of the month for the Auckland investment property market. A standalone investment property in Auckland will now be limited to 70% lending. Those who want a greater level of lending can still use existing equity in another property such as the home that they are living in to obtain the other 30% if so desired.
The BNZ has introduced a 2 year fixed home loan rate of 4.39%.
A 2 year fixed interest rate of 4.69% is out from Westpac today in line with the BNZ’s offering. (for the under 80%’ers)
BNZ has cut its 2 Year Fixed Rate to 5.15% (for a short time only)
ASB has lowered their 3 and 5 year “special rates” for the under 80%’ers to 5.45% and 5.65% respectively.
Tonight a 5.75% 5 year fixed interest rate has appeared from ASB.
ANZ has lowered 1 and 2 year fixed interest rates to 5.39% for the under 80%’ers. The 3 year rate gets trimmed by 0.20% to 5.79%. They have also introduced a 5 year fixed rate of 5.89%.
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%.