Rising bank funding costs to put upward pressure on mortgage rates: RBNZ

The Reserve Bank expects that rising bank funding costs will keep putting upward pressure on mortgage rates, even as swap rates in the wholesale market start to fall.

RBNZ holds OCR at 5.5%; no cuts until mid-2025

The Reserve Bank left its official cash rate (OCR) unchanged at 5.5% but said it has a limited “ability to tolerate upside inflation surprises.”

BREAKING: OCR 5.50% - Monetary Policy remains restrictive

The Monetary Policy Committee today agreed to hold the Official Cash Rate (OCR) at 5.50%.

Insurance an increasing concern for mortgage advisers

One of the biggest challenges emerging for mortgage advisers is insurance.

Today's Rate Changes
  • Find out who is new to the industry

    Something a little different today - we have two people announcements and would like to say to you, if you have made a new appointment please let us know.

    You can send details to editor@tmmonline.nz

    First up small business lender Bizcap has entered the New Zealand market and appointed its first local general manager. Find out who got the job here.

    Secondly, Avanti has added a new business development manager for the Golden Triangle region of New Zealand.

    Both these people were at last week's TMM Better Business Conference.


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Property News

Sales dive to new depths – lending at low DTIs

Sales dive to new depths – lending at low DTIs

House sales have plunged to their second lowest level in about 40 years, only 2% up on January’s sales last year, which were the lowest since 1983.

Listings surge and prices up

Listings surge and prices up

Property prices have edged up slightly heading into the summer break.

Housing market still at a low ebb despite lift in sales

Housing market still at a low ebb despite lift in sales

While the Real Estate Institute of New Zealand’s (REINZ) November data show a solid increase in sales, up by 15.7%, from 5,550 to 6,422, month-on-month, and up by 12.2%, from 5,724 to 6,422, compared to November last year, the number was the lowest for a November month since 2011.  Apart from November last year, last month’s sales were below 7,000 for a November month since 2013.

Top Mortgage Rates

Heartland Bank - Online 6.69
Unity 6.99
ICBC 7.05
SBS FirstHome Combo 7.05
Co-operative Bank - First Home Special 7.09
China Construction Bank 7.09
Wairarapa Building Society 7.15
BNZ - Classic 7.29
Co-operative Bank - Owner Occ 7.29
Westpac Special 7.29
Kiwibank Special 7.35
Heartland Bank - Online 6.45
Unity First Home Buyer special 6.45
China Construction Bank 6.75
TSB Special 6.75
BNZ - Classic 6.85
Unity 6.85
Wairarapa Building Society 6.85
ICBC 6.85
Kiwibank Special 6.89
Westpac Special 6.89
ASB Bank 6.89
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
ASB Bank 6.55
BNZ - Classic 6.55
SBS Bank Special 6.59
Kiwibank Special 6.59
AIA - Go Home Loans 6.69
Co-operative Bank - Owner Occ 6.75
TSB Special 6.79
Kainga Ora 6.99
AIA - Back My Build 6.19
SBS FirstHome Combo 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Standard 8.40
Co-operative Bank - Owner Occ 8.40
First Credit Union Standard 8.50
Kiwibank 8.50
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People News

Bizcap appoints NZ general manager

Bizcap appoints NZ general manager

Australian small business lender opens up shop in New Zealand and appoints its first general manager.

New BDM for Avanti Finance

New BDM for Avanti Finance

Avanti appoints new property business development manager for Auckland, Bay of Plenty and Waikato regions.

FMT gets new CFO

FMT gets new CFO

First Mortgage Trust adds new chief financial officer to help it on the next phase of its growth.

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KiwiSaver News

KiwiSaver portability settings blocking investors from private asset benefits

KiwiSaver portability settings blocking investors from private asset benefits

A legal opinion by law firms Chapman Tripp and MinterEllisonRuddWatts has outlined proposed changes to the KiwiSaver framework to support investment in private assets.

KiwiSaver reaches $104 billion

KiwiSaver reaches $104 billion

Market movements saw KiwiSaver assets grow $8 billion in the last quarter of 2023, ending the year at $104 billion according to Morningstar’s latest data.

Generate cracks $5 bill mark

Generate cracks $5 bill mark

Generate becomes one of the largest boutique KiwiSaver managers.