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Mortgage costs increase with Christmas

www.MortgageRates.co.nz

Wednesday 23rd December 2009

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There have been many changes to home loan rates this week in the lead up to Christmas with four of the banks increasing one-year rates.

Mortgagerates.co.nz reports that National Bank hiked up it one-year rate by 16 basis points to 6.15% and its 18-month rate by 15 points to 6.60%.  National Bank last increased its one-year rate back in October and this move means BNZ is now offering the lowest rates for this term at 5.99% through to 6.09%.

BNZ upped its one-year rates for its Standard/Flybuys and GlobalPlus options.  Both products went up 26 points to 6.25% and 6.35% respectively and are now the highest offered by a bank. 

SBS Bank also boosted its one and two-year rates by 5 basis points to 6.25% and 7.25% respectively. This puts its one-year rate in line with the average for the minor banks.

Coming in under the median rate for non-bank lenders is PSIS's new one and two-year rates which both jumped up 20 basis points to 6.15% and 7.15%.

Meanwhile Economists reviewing the past year conclude that the financial meltdown could have been worse and Westpac sees a sharp drop in profitability and records above average lending growth in the September quarter.

Harcourts also makes a prediction for the new year with expectations of solidity in the New Zealand residential real estate market and improvement in both coastal and rural areas.



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