Mortgage rates continue to fall in New Zealand
(12 August 2015 – New Zealand) Both ASB Bank and ANZ Bank have lowered their mortgage rates further this week as competition in the market heats up.
ASB released a six month fixed-term special of 4.99 percent with a market-leading 18 month fixed-rate of 4.69 percent.
The bank also introduced four and five-year specials of 5.29 percent and 5.39 percent, the best available out of New Zealand’s big four lenders.
To qualify for the special rates, borrowers are required to have a deposit or equity of at least 20 percent.
ANZ reduced its rates in the six month, one year, 18 month and two year categories.
Most of the best rates in the country are on offer from the country’s smaller locally-owned banks, including state-owned Kiwibank and The Co-operative Bank.
HSBC is leading the market across three terms including a provocative 4.49 percent special.
Meanwhile numbers from CoreLogic as reported in The Herald show that mortgagee sales jumped nationwide in the past quarter with worsening economic conditions and lower dairy payouts hitting provincial New Zealand.
There were 149 foreclosures in the three months to 30 June, up from 95 foreclosures in the first quarter.
In the year to June 685 homeowners had lost their properties, which was actually down 36 percent year-on-year.
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