Best Mortgage Rates in New Zealand on 1st September 2024

Every week I post a table sharing the sharpest mortgage rates in New Zealand

Was a bit late sending this one out this week. Have a big upcoming trip to the United States so I’ve been working to create a pipeline of videos to fill in those weeks. If anyone has video/content ideas for Boston/NYC/DC/Orlando - do let me know!

Banks are continuing to creep lower with their rates, especially in the competitive 1 and 2 year terms. SBS are fighting for the first home buyer crowd with a sharp floating and 1 year rate. Co-Operative Bank isn’t far behind on the 1 year rates either.

BNZ has also come out saying they expect house prices to remain flat through to the end of the year before rocketing up 7% in 2025. Sounds similar to what they were predicting this time last year! 😁

https://www.rnz.co.nz/news/business/526296/2025-the-year-house-price-rises-revert-to-normal-bnz-says

I have tried to put this data into a table that allows you to filter/sort, but it seems Substack hasn’t even built the ability to load a simple table yet - bugger! As an alternative, check out this website here for filtering abilities: https://mortgagerates.co.nz/mortgage-rates

Floating - Median Rate: 8.39% (no change since Aug 21)

SBS (First Home Buyer Construction) - 5.94%

Bank of China - 7.49%

ICBC - 7.85%

Big 5 Trail - Kiwibank 8.25% ; ANZ/ASB/Westpac 8.39% ; BNZ 8.44%

6 Month Fixed Term - Median Rate: 6.99% » 6.94% (down 0.05% since Aug 21)

Bank of China - 6.95% » 6.80%

ASB/BNZ/Westpac - 6.89% » 6.85%

ANZ/Co-Op Bank/ICBC/Kiwibank/SBS/TSB - 6.89%

12 Month Fixed Term - Median Rate: 6.64% » 6.45% (down 0.19% since Aug 21)

SBS (First Home Combo) - 5.59%

Co-Op Bank (First Home) - 6.19%

Co-Op Bank (Owner Occupier) - 6.39%

Big 5 Trail - ANZ/ASB/BNZ/Kiwibank/Westpac 6.45%

24 Month Fixed Term - Median Rate: 6.345% » 6.165% (down 0.18% since Aug 21)

Westpac - 5.99% » 5.79%

ASB/BNZ/SBS - 5.89%

Bank of China - 5.95%

Big 5 Trail - Kiwibank/ANZ 6.45%

36 Month Fixed Term - Median Rate: 5.94% » 5.89% (down 0.05% since Aug 21)

ASB/BNZ/Westpac - 5.89% » 5.79%

Bank of China - 5.85%

ANZ/ICBC/Kiwibank/SBS/TSB - 5.89%

48 Month Fixed Term - Median Rate: 6.09% » 5.99% (down 0.1% since Aug 21)

BNZ/Westpac - 5.69%

ASB - 5.79%

Bank of China - 5.85%

Big 5 Trail - ANZ 6.74%, Kiwibank 5.89%

60 Month Fixed Term - Median Rate: 6.04% » 5.94% (down 0.1% since Aug 21)

ASB/BNZ/Westpac - 5.69%

Bank of China - 5.85%

ICBC/Kiwibank/SBS/TSB/Co-Op Bank - 5.99%

Big 5 Trail - ANZ 6.74%

*correct as at 11pm September 1st. For the latest data, check out https://www.interest.co.nz/borrowing

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