Rates change all the time. Keep up to date with the latest activity so you can manage your mortgage and pay-it-off faster.
Two triggers for rate rises
At some stage banks will raise their fixed lending rates to avoid locking in lending at low margins for a number of years. There are two potential triggers for these rate rises, according to Economist Tony Alexander
Broker releases 5% deposit mortgage for first home buyers
It allows deposits of as low as 5%, and is aimed at helping first home buyers who have good incomes but not enough deposit to meet the 20% often demanded by trading banks, or who don’t qualify for the Government’s Kainga Ora scheme.
Improving growth outlook will eventually lift fixed rates
The chances remain high that in coming weeks we will start to see banks in New Zealand edging some of their fixed rates slightly higher.
Fixed rate rises delayed for now
A couple of weeks ago, discussions centred around increases in bank borrowing costs and rapidly decreasing margins on fixed rate mortgage lending. The chances of that have now decreased, but rate rises are still on the cards before the middle of the year.